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
7584
Attachments
Submission date and time
15.11.2019 18:00:00
Content of announcement in Estonian
Title
Baltic Horizon Fondi 2019. aasta III kvartali konsolideeritud auditeerimata majandustulemused
Message
Vara brutoväärtus (Gross Asset Value ehk GAV)
2019. aasta III kvartalis suurenes veidi Fondi vara brutoväärtus: 344,9
miljonilt eurolt (2019. aasta II kvartali lõpu näitaja) 345,3 miljoni euroni.
Kasvu peamisteks allikateks olid kinnisvarainvesteeringute
raamatupidamisväärtuse tõus, mis tulenes tehtud investeeringutest, ja rahasaldo
suurenemine, mis tulenes hiljuti omandatud Galerija Centrsi ostukeskuse
positiivsest mõjust Fondi III kvartali rahavoole.
Vara puhasväärtus (Net Asset Value ehk NAV)
2019. aasta III kvartalis suurenes Fondi vara puhasväärtus 131,1 miljonilt
eurolt (2019. aasta II kvartali lõpu näitaja) 135,2 miljoni euroni. Fondi vara
puhasväärtusele avaldasid positiivset mõju Fondi III kvartali majandustulemused
ja 2019. aasta juulis suunatud pakkumise käigus kaasatud kapital summas 4
miljonit eurot (netosumma). Seda mõju vähendasid osakuomanikele tehtud rahaline
väljamakse summas 2,6 miljonit eurot (0,026 eurot osaku kohta) ja negatiivne
muutus rahavoo riskimaandamise reservis.
Puhas renditulu ja puhaskasum
Fondi 2019. aasta III kvartali puhaskasum oli 3,1 miljonit eurot (2018. aasta
III kvartal: 2,2 miljonit eurot). Fond teenis 2019. aasta III kvartalis 5,4
miljonit eurot puhast renditulu (2018. aasta III kvartal: 3,8 miljonit eurot).
Puhtale renditulule ja puhaskasumile avaldas positiivset mõju uute
kinnisvarainvesteeringute omandamine 2019. aastal (Duetto II büroohoone ning
Galerija Centrsi ostukeskus).
Rahaline väljamakse (dividend)
Fond deklareeris 18. oktoobril 2019 osakuomanikele III kvartali 2019 tulemustest
rahalise väljamakse kogusummas 3,06 miljonit eurot ehk 0,027 eurot osaku kohta
(II kvartalis 2019 2,62 miljonit eurot või 0,026 eurot osaku kohta).
Perioodi peamised näitajad
Tuhandetes eurodes III kv 2019 III kv 2018 Muutus (%)
-------------------------------------------------------------------------------
Puhas renditulu 5 412 3 840 40,9%
Ärikasum 4 550 3 095 47,0%
Finantstulud ja -kulud (netosumma) -1 339 -774 73,0%
Maksueelne kasum 3 211 2 321 38,3%
Perioodi puhaskasum 3 059 2 195 39,4%
Ringluses olevate osakute kaalutud
keskmine arv 100 461 178 79 064 293(1) 27,1%
-------------------------------------------------------------------------------
Kasum osaku kohta (eurodes) 0,03 0,03 -
-------------------------------------------------------------------------------
Tuhandetes eurodes 30.09.2019 31.12.2018 Muutus (%)
-------------------------------------------------------------------------------
Kasutuses olevad kinnisvarainvesteeringud 336 488 245 160 37,3%
Vara brutoväärtus 345 327 260 878 32,4%
Intressikandvad laenukohustised 196 947 140 507 40,2%
Kohustised kokku 210 098 151 073 39,1%
Vara puhasväärtus 135 229 109 805 23,2%
-------------------------------------------------------------------------------
Ringluses olevate osakute arv 100 915 202 78 496 831(2) 28,6%
Vara puhasväärtus osaku kohta (eurodes) 1,3400 1,3988 -4,2%
Laenu tagatuse suhtarv 58,5% 57,3% -
Keskmine sisemine intressimäär 2,6% 2,4% -
-------------------------------------------------------------------------------
1. Esitatud osakute arv ei sisalda 278 402 osakut, mille Fond osakute
tagasiostu programmi raames tagasi ostis ja 2018. aasta oktoobris tühistas.
2. Esitatud osakute arv ei sisalda 255 969 osakut, mille Fond osakute
tagasiostu programmi raames tagasi ostis ja 2019. aasta veebruaris tühistas.
Kinnisvarainvesteeringute tootlus 2019. aasta III kvartalis
2019. aasta III kvartalis oli Fondi kinnisvarainvesteeringute portfelli
rendipindade tegelik keskmine täitumus 97,3% (2019. aasta II kvartal: 95,4%).
Kõiki rendigarantiisid arvesse võttes oli sisemine täitumuse määr 97,7% (2019.
aasta II kvartal: 96,7%). Kinnisvarainvesteeringute keskmine otsene tootlus oli
2019. aasta III kvartalis 6,7% (2019. aasta II kvartal: 6,8%).
Kinnisvarainvesteeringute portfelli esmane puhastootlus oli samal perioodil
6,5% (2019. aasta II kvartal: 6,5%).
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 30. september 2019
------------------------------------------------------------------------------------------
Raamatupidamis- Täitumuse
Kinnisvarainvesteering väärtus(1) Esmane määr
Tuhandetes Renditav Otsene puhas- III kv
Segment eurodes netopind tootlus(2) tootlus(3) 2019
------------------------------------------------------------------------------------------
Vilnius, Leedu
Duetto I Büroo 16 020 8 498 7,7% 7,2% 98,7%
Duetto II Büroo 17 900 8 673 7,1% 7,3% 100,0%(4)
Europa ostukeskus Kaubandus 40 403 16 856 6,7% 6,1% 95,6%
Domus Pro ostukeskus Kaubandus 16 523 11 247 7,5% 7,1% 98,1%
Domus Pro ärikeskus Büroo 7 530 4 831 8,7% 7,5% 100,0%
Meraki maa 1 700 - - - -
------------------------------------------------------------------------------------------
Vilniuses kokku 100 076 50 105 7,2% 6,8% 97,9%
------------------------------------------------------------------------------------------
Riia, Läti
Upmalas Biroji
bürookompleks Büroo 25 220 10 458 6,9% 6,5% 100,0%
Vainodes I Büroo 21 497 8 052 6,9% 6,9% 100,0%
LNK Centre Büroo 16 830 7 453 6,4% 6,5% 100,0%
Sky supermarket Kaubandus 5 424 3 254 7,9% 7,4% 99,4%
Galerija Centrs Kaubandus 75 840 20 022 6,1% 6,0% 95,9%
------------------------------------------------------------------------------------------
Riias kokku 144 811 49 239 6,5% 6,4% 98,3%
------------------------------------------------------------------------------------------
Tallinn, Eesti
Postimaja ja CC Plaza Kaubandus 32 140 9 145 4,2% 4,5% 90,8%
Postimaja ja CC Plaza Vaba aeg 14 980 8 664 9,0% 7,1% 100,0%
G4S-i peahoone Büroo 17 133 9 179 7,7% 7,0% 100,0%
Lincona Büroo 17 513 10 871 8,0% 7,2% 99,4%
Pirita ostukeskus Kaubandus 9 835 5 508 6,8% 8,6% 92,6%
------------------------------------------------------------------------------------------
Tallinnas kokku 91 601 43 367 6,5% 6,3% 97,0%
------------------------------------------------------------------------------------------
Portfell kokku 336 488 142 711 6,7% 6,5% 97,7%
------------------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 30. juuni 2019 teostatud hindamisel ja hilisematel
kapitalikuludel.
2. Otsese tootluse leidmiseks jagatakse puhas äritulu kinnisvarainvesteeringu
soetusmaksumusega, millele on lisatud hilisemad kapitalikulud.
3. Esmase puhastootluse leidmiseks jagatakse puhas äritulu
kinnisvarainvesteeringu turuväärtusega.
4. Duetto II sisemine täitumuse määr on rendigarantii tõttu 100%.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
Tuhandetes eurodes 01.07.2019-30.09.2019 01.07.2018-30.09.2018 01.01.2019-30.09.2019 01.01.2018-30.09.2018
------------------------------------------------------------------------------------------------------------------
Renditulu 5 782 4 012 14 579 11 576
Teenustasutulu 1 476 619 3 128 1 812
Renditegevuse kulud -1 846 -791 -4 123 -2 513
------------------------------------------------------------------------------------------------------------------
Puhas renditulu 5 412 3 840 13 584 10 875
------------------------------------------------------------------------------------------------------------------
Halduskulud -879 -748 -2 405 -2 009
Muu äritulu 17 3 23 48
Kinnisvarainvesteeringute
ümberhindluse
kahjum/kasum - - -2 439 480
------------------------------------------------------------------------------------------------------------------
Ärikasum 4 550 3 095 8 763 9 394
------------------------------------------------------------------------------------------------------------------
Finantstulud 1 2 4 6
Finantskulud -1 340 -776 -3 316 -1 981
------------------------------------------------------------------------------------------------------------------
Finantstulud ja -kulud
kokku -1 339 -774 -3 312 -1 975
------------------------------------------------------------------------------------------------------------------
Maksueelne kasum 3 211 2 321 5 451 7 419
Tulumaksukulu -152 -126 -75 -964
------------------------------------------------------------------------------------------------------------------
Perioodi kasum 3 059 2 195 5 376 6 455
------------------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum/-kahjum
Rahavoogude
riskimaandamise
puhaskahjum/-kasum -305 205 -1 397 -425
Intressi ülemmäära
seadmise kulud - - - -33
Rahavoogude
riskimaandamise
puhaskasumi/-kahjumiga
seotud tulumaks 17 -37 92 42
------------------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või
kahjumisse
ümberliigitatav
tulumaksujärgne muu
koondkahjum/-kasum -288 168 -1 305 -416
------------------------------------------------------------------------------------------------------------------
Perioodi tulumaksujärgne
koondkasum kokku 2 771 2 363 4 071 6 039
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Tava- ja lahustatud kasum
osaku kohta (eurodes) 0,03 0,03 0,06 0,08
------------------------------------------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 30.09.2019 31.12.2018
----------------------------------------------------------------
Põhivarad
Kinnisvarainvesteeringud 336 488 245 160
Tuletisinstrumendid 33 9
Muud põhivarad 96 596
----------------------------------------------------------------
Põhivarad kokku 336 617 245 765
----------------------------------------------------------------
Käibevarad
Nõuded ostjate vastu ja muud nõuded 1 958 2 229
Ettemaksed 247 154
Muud käibevarad 960 505
Raha ja raha ekvivalendid 5 545 12 225
----------------------------------------------------------------
Käibevarad kokku 8 710 15 113
----------------------------------------------------------------
Varad kokku 345 327 260 878
----------------------------------------------------------------
Omakapital
Sissemakstud kapital 121 883 93 673
Omaosakud - -335
Rahavoogude riskimaandamise reserv -2 310 -1 005
Jaotamata kasum 15 656 17 472
----------------------------------------------------------------
Omakapital kokku 135 229 109 805
----------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad laenukohustised 196 559 140 401
Edasilükkunud tulumaksukohustised 5 809 5 844
Tuletisinstrumendid 2 491 1 069
Muud pikaajalised kohustised 1 248 905
----------------------------------------------------------------
Pikaajalised kohustised kokku 206 107 148 219
----------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad laenukohustised 388 106
Võlad tarnijatele ja muud võlad 2 890 2 397
Tulumaksukohustis 1 -
Muud lühiajalised kohustised 712 351
----------------------------------------------------------------
Lühiajalised kohustised kokku 3 991 2 854
----------------------------------------------------------------
Kohustised kokku 210 098 151 073
----------------------------------------------------------------
Omakapital ja kohustised kokku 345 327 260 878
----------------------------------------------------------------
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
(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 15.11.2019 kell 17:15 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Content of announcement in English
Title
Baltic Horizon Fund Consolidated Un-Audited Results for Q3 2019
Message
Gross Asset Value (GAV)
In Q3 2019, the GAV increased slightly from EUR 344.9 million to EUR 345.3
million compared to the end of Q2 2019. The increase is mainly related to the
increase in investment property book value due to capital expenditures and the
increase in cash as a result of the newly acquired Galerija Centrs's positive
effect on the Fund's cash flows over the quarter.
Net Asset Value (NAV)
In Q3 2019, the Fund NAV increased from EUR 131.1 million to EUR 135.2 million
compared to the end of Q2 2019. The Fund NAV was positively affected by the
Fund's operational performance over the quarter and capital raising in the
amount of EUR 4 million (net equity) through a private placement in July.
However, this was offset by a EUR 2.6 million cash distribution to unitholders
(EUR 0.026 per unit) and a negative cash flow hedge reserve movement during the
quarter.
Net Rental Income and Net Profit
In Q3 2019, the Fund earned a net profit of EUR 3.1 million (EUR 2.2 million
during Q3 2018). In Q3 2019, the Fund recorded a EUR 5.4 million net rental
income (EUR 3.8 million in Q3 2018). Growth in net rental income and net profit
was positively affected by new property acquisitions in 2019 (Duetto II office
building and Galerija Centrs shopping centre).
Cash Distributions (dividends)
On 18 October 2019, the Fund declared a EUR 3.06 million quarterly cash
distribution to investors, which represents a EUR 0.027 distribution per unit
for the Q3 2019 results (EUR 2.62 million or EUR 0.026 per unit for Q2 2019).
Quarterly key figures
Euro '000 Q3 2019 Q3 2018 Change (%)
-------------------------------------------------------------------------------
Net rental income 5,412 3,840 40.9%
Operating profit 4,550 3,095 47.0%
Net financing costs (1,339) (774) 73.0%
Profit before tax 3,211 2,321 38.3%
Net profit for the period 3,059 2,195 39.4%
Weighted average number of units
outstanding 100,461,178 79,064,293(1) 27.1%
-------------------------------------------------------------------------------
Earnings per unit (EUR) 0.03 0.03 -
-------------------------------------------------------------------------------
Euro '000 30.09.2019 31.12.2018 Change (%)
--------------------------------------------------------------------------
Investment property in use 336,488 245,160 37.3%
Gross asset value (GAV) 345,327 260,878 32.4%
Interest bearing loans 196,947 140,507 40.2%
Total liabilities 210,098 151,073 39.1%
Net asset value (NAV) 135,229 109,805 23.2%
--------------------------------------------------------------------------
Number of units outstanding 100,915,202 78,496,831(2) 28.6%
Net asset value (NAV) per unit (EUR) 1.3400 1.3988 (4.2%)
Loan-to-Value ratio (LTV) 58.5% 57.3% -
Average effective interest rate 2.6% 2.4% -
--------------------------------------------------------------------------
1. The number of units excludes 278,402 units purchased by the Fund and
cancelled in October 2018 as part of the unit buy-back program.
2. The number of units excludes 255,969 units acquired by the Fund and
cancelled in February 2019 as part of the unit buy-back program.
Investment properties PERFORMANCE in Q3 2019
During Q3 2019, the average actual occupancy of the portfolio was 97.3% (Q2
2019: 95.4%). When all rental guarantees are considered, the effective occupancy
rate is 97.7% (Q2 2019: 96.7%). The average direct property yield during Q3
2019 was 6.7% (Q2 2019: 6.8%). The net initial yield for the whole portfolio for
Q3 2019 was 6.5% (Q2 2019: 6.5%).
Overview of the Fund's investment properties as of 30.09.2019
-------------------------------------------------------------------------------
Book Direct Net Occupancy
Property name value(1) property initial rate for Q3
Sector Euro '000 NLA yield(2) yield(3) 2019
-------------------------------------------------------------------------------
Vilnius,
Lithuania
Duetto I Office 16,020 8,498 7.7% 7.2% 98.7%
Duetto II Office 17,900 8,673 7.1% 7.3% 100.0%(4)
Europa SC Retail 40,403 16,856 6.7% 6.1% 95.6%
Domus Pro
Retail Park Retail 16,523 11,247 7.5% 7.1% 98.1%
Domus Pro
Office Office 7,530 4,831 8.7% 7.5% 100.0%
Meraki Land 1,700 - - - -
-------------------------------------------------------------------------------
Total Vilnius 100,076 50,105 7.2% 6.8% 97.9%
-------------------------------------------------------------------------------
Riga, Latvia
Upmalas Biroji
BC Office 25,220 10,458 6.9% 6.5% 100.0%
Vainodes I Office 21,497 8,052 6.9% 6.9% 100.0%
LNK Centre Office 16,830 7,453 6.4% 6.5% 100.0%
Sky SC Retail 5,424 3,254 7.9% 7.4% 99.4%
Galerija Centrs Retail 75,840 20,022 6.1% 6.0% 95.9%
-------------------------------------------------------------------------------
Total Riga 144,811 49,239 6.5% 6.4% 98.3%
-------------------------------------------------------------------------------
Tallinn,
Estonia
Postimaja & CC
Plaza Retail 32,140 9,145 4.2% 4.5% 90.8%
Postimaja & CC
Plaza Leisure 14,980 8,664 9.0% 7.1% 100.0%
G4S
Headquarters Office 17,133 9,179 7.7% 7.0% 100.0%
Lincona Office 17,513 10,871 8.0% 7.2% 99.4%
Pirita SC Retail 9,835 5,508 6.8% 8.6% 92.6%
-------------------------------------------------------------------------------
Total Tallinn 91,601 43,367 6.5% 6.3% 97.0%
-------------------------------------------------------------------------------
Total portfolio 336,488 142,711 6.7% 6.5% 97.7%
-------------------------------------------------------------------------------
1. Based on the latest valuation as at 30 June 2019 and subsequent capital
expenditures.
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. Duetto II effective occupancy rate is 100% due to a rental guarantee.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Euro '000 01.07.2019-30.09.2019 01.07.2018-30.09.2018 01.01.2019-30.09.2019 01.01.2018-30.09.2018
-------------------------------------------------------------------------------------------------------
Rental income 5,782 4,012 14,579 11,576
Service charge
income 1,476 619 3,128 1,812
Cost of rental
activities (1,846) (791) (4,123) (2,513)
-------------------------------------------------------------------------------------------------------
Net rental
income 5,412 3,840 13,584 10,875
-------------------------------------------------------------------------------------------------------
Administrative
expenses (879) (748) (2,405) (2,009)
Other
operating
income 17 3 23 48
Valuation
gains (losses)
on investment
properties - - (2,439) 480
-------------------------------------------------------------------------------------------------------
Operating
profit 4,550 3,095 8,763 9,394
-------------------------------------------------------------------------------------------------------
Financial
income 1 2 4 6
Financial
expenses (1,340) (776) (3,316) (1,981)
-------------------------------------------------------------------------------------------------------
Net financing
costs (1,339) (774) (3,312) (1,975)
-------------------------------------------------------------------------------------------------------
Profit before
tax 3,211 2,321 5,451 7,419
Income tax
charge (152) (126) (75) (964)
-------------------------------------------------------------------------------------------------------
Profit for the
period 3,059 2,195 5,376 6,455
-------------------------------------------------------------------------------------------------------
Other comprehensive income that is or may be reclassified to profit or loss in subsequent periods
Net gains
(losses) on
cash flow
hedges (305) 205 (1,397) (425)
Recognition of
initial
interest rate
cap costs - - - (33)
Income tax
relating to
net gains
(losses) on
cash flow
hedges 17 (37) 92 42
-------------------------------------------------------------------------------------------------------
Other
comprehensive
income
(expense), net
of tax, that
is or may be
reclassified
to profit or
loss in
subsequent
periods (288) 168 (1,305) (416)
-------------------------------------------------------------------------------------------------------
Total
comprehensive
income for the
period, net of
tax 2,771 2,363 4,071 6,039
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Basic and
diluted
earnings per
unit (Euro) 0.03 0.03 0.06 0.08
-------------------------------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Euro '000 30.09.2019 31.12.2018
------------------------------------------------------------------
Non-current assets
Investment properties 336,488 245,160
Derivative financial instruments 33 9
Other non-current assets 96 596
------------------------------------------------------------------
Total non-current assets 336,617 245,765
------------------------------------------------------------------
Current assets
Trade and other receivables 1,958 2,229
Prepayments 247 154
Other current assets 960 505
Cash and cash equivalents 5,545 12,225
------------------------------------------------------------------
Total current assets 8,710 15,113
------------------------------------------------------------------
Total assets 345,327 260,878
------------------------------------------------------------------
Equity
Paid in capital 121,883 93,673
Own units - (335)
Cash flow hedge reserve (2,310) (1,005)
Retained earnings 15,656 17,472
------------------------------------------------------------------
Total equity 135,229 109,805
------------------------------------------------------------------
Non-current liabilities
Interest bearing loans and borrowings 196,559 140,401
Deferred tax liabilities 5,809 5,844
Derivative financial instruments 2,491 1,069
Other non-current liabilities 1,248 905
------------------------------------------------------------------
Total non-current liabilities 206,107 148,219
------------------------------------------------------------------
Current liabilities
Interest bearing loans and borrowings 388 106
Trade and other payables 2,890 2,397
Income tax payable 1 -
Other current liabilities 712 351
------------------------------------------------------------------
Total current liabilities 3,991 2,854
------------------------------------------------------------------
Total liabilities 210,098 151,073
------------------------------------------------------------------
Total equity and liabilities 345,327 260,878
------------------------------------------------------------------
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
17:15 EET on 15 November 2019.