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
7783
Attachments
Submission date and time
14.02.2020 16:00:00
Content of announcement in Estonian
Title
Baltic Horizon Fondi 2019. aasta IV kvartali konsolideeritud auditeerimata majandustulemused
Message
Vara brutoväärtus (Gross Asset Value ehk GAV)
2019. aasta IV kvartalis suurenes Fondi vara brutoväärtus 345,3 miljonilt eurolt
(2019. aasta III kvartali lõpu näitaja) 371,7 miljoni euroni. See on peamiselt
seotud uue kinnisvarainvesteeringu omandamisega IV kvartalis ja osakute suunatud
(mitteavaliku) pakkumise tulemusel laekunud rahaga. Fond viis 11. oktoobril
2019 lõpule North Star ärikeskuse omandamise ning on seega investeerinud
täiendava kapitali, mis 2019. aasta oktoobris kaasati. Aastalõpu hindamiste ja
North Star ärikeskuse omandamise tulemusena suurenes kasutuses olevate
kinnisvarainvesteeringute väärtus 356,6 miljoni euroni.
Vara puhasväärtus (Net Asset Value ehk NAV)
2019. aasta IV kvartalis suurenes Fondi vara puhasväärtus 135,2 miljonilt eurolt
(2019. aasta III kvartali lõpu näitaja) 152,5 miljoni euroni. Fondi vara
puhasväärtusele avaldasid positiivset mõju Fondi IV kvartali majandustulemused
ja positiivne muutus rahavoo riskimaandamise reservis. 2019. aasta oktoobris
kaasas Fond suunatud (mitteavaliku) pakkumise käigus täiendavat kapitali summas
16,2 miljonit eurot. Puhasväärtuse kasvu vähendas osakuomanikele tehtud rahaline
väljamakse summas 3,06 miljonit eurot (0,027 eurot osaku kohta).
Puhas renditulu ja puhaskasum
Fondi 2019. aasta IV kvartali puhaskasum oli 3,4 miljonit eurot (2018. aasta IV
kvartal: 3,5 miljonit eurot). Fond teenis 2019. aasta IV kvartalis 5,6 miljonit
eurot puhast renditulu (2018. aasta IV kvartal: 3,9 miljonit eurot). Puhtale
renditulule avaldas positiivset mõju uute kinnisvarainvesteeringute omandamine
2019. aastal (Duetto II büroohoone, Galerija Centrsi ostukeskus ja North Star
ärikeskus). IV kvartali puhaskasum vähenes eelkõige seetõttu, et
kinnisvarainvesteeringute aastalõpu ümberhindluse kasum kujunes veidi väiksemaks
kui aasta tagasi. 2019. aasta IV kvartalis teenis Fond õiglase väärtuse
muutusest kasumit 0,4 miljonit eurot, samas kui 2018. aasta IV kvartalis oli
vastav näitaja 1,5 miljonit eurot.
Rahaline väljamakse (dividend)
31. jaanuaril 2020 kuulutas Fond 2019. aasta IV kvartali tulemuste eest välja
rahalise kvartaliväljamakse kogusummas 3,18 miljonit eurot ehk 0,028 eurot osaku
kohta (III kvartalis 2019 3,06 miljonit eurot või 0,027 eurot osaku kohta). Fond
on 2019. aasta renditulust kokku teinud väljamakseid 11.31 miljoni euro eest.
Väljamakse jooksev tootlus on 8.0%, mis põhineb Tallinna börsil oleva osaku
neljanda kvartali viimase päeva sulgemishinnal.
Perioodi peamised näitajad
Tuhandetes eurodes IV kv 2019 IV kv 2018 Muutus (%)
-------------------------------------------------------------------------------
Puhas renditulu 5 635 3 929 43,4%
Kinnisvarainvesteeringute ümberhindluse
kasum 375 1 534 -75,6%
Ärikasum 5 167 4 685 10,3%
Finantstulud ja -kulud (netosumma) -1 401 -806 73,8%
Maksueelne kasum 3 766 3 879 -2,9%
Perioodi puhaskasum 3 415 3 535 -3,4%
Ringluses olevate osakute kaalutud
keskmine arv 112 686 139 78 637 645(1) 43,3%
-------------------------------------------------------------------------------
Kasum osaku kohta (eurodes) 0,03 0,04 -25,0%
-------------------------------------------------------------------------------
Tuhandetes eurodes 31.12.2019 31.12.2018 Muutus (%)
-------------------------------------------------------------------------------
Kasutuses olevad kinnisvarainvesteeringud 356 575 245 160 45,4%
Vara brutoväärtus 371 734 260 878 42,5%
Intressikandvad laenukohustised 205 827 140 507 46,5%
Kohustised kokku 219 216 151 073 45,1%
Vara puhasväärtus 152 518 109 805 38,9%
-------------------------------------------------------------------------------
Ringluses olevate osakute arv 113 387 525 78 496 831(1) 44,4%
Vara puhasväärtus osaku kohta (eurodes) 1,3451 1,3988 -3,8%
Laenu tagatuse suhtarv 57,7% 57,3% -
Keskmine sisemine intressimäär 2,6% 2,4% -
-------------------------------------------------------------------------------
1. 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 IV kvartalis
2019. aasta IV kvartalis oli Fondi kinnisvarainvesteeringute portfelli
rendipindade tegelik keskmine täitumus 98,0% (2019. aasta III kvartal: 97,3%).
Kõiki rendigarantiisid arvesse võttes oli sisemine täitumuse määr 98,0% (2019.
aasta III kvartal: 97,7%). Kinnisvarainvesteeringute keskmine otsene tootlus oli
2019. aasta IV kvartalis 6,6% (2019. aasta III kvartal: 6,7%).
Kinnisvarainvesteeringute portfelli esmane puhastootlus oli samal perioodil
6,4% (2019. aasta III kvartal: 6,5%).
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 31. detsember 2019
-------------------------------------------------------------------------------------
Õiglane Täitumuse
Kinnisvarainvesteering väärtus(1) Esmane määr
Tuhandetes Renditav Otsene puhas- IV kv
Segment eurodes netopind tootlus(2) tootlus(3) 2019
-------------------------------------------------------------------------------------
Vilnius, Leedu
Duetto I Büroo 16 460 8 586 7,7% 7,1% 100,0%
Duetto II Büroo 18 935 8 674 7,1% 7,1% 100,0%
Europa ostukeskus Kaubandus 40 711 16 856 6,2% 5,7% 96,7%
Domus Pro ostukeskus Kaubandus 16 670 11 247 6,8% 6,4% 97,5%
Domus Pro ärikeskus Büroo 7 740 4 831 8,7% 7,4% 100,0%
North Star ärikeskus Büroo 20 092 10 550 6,8% 6,9% 97,9%
Meraki maa 2 367 - - - -
-------------------------------------------------------------------------------------
Vilniuses kokku 122 975 60 744 6,9% 6,5% 98,3%
-------------------------------------------------------------------------------------
Riia, Läti
Upmalas Biroji
bürookompleks Büroo 24 198 10 458 7,6% 7,2% 100,0%
Vainodes I Büroo 20 890 8 052 6,8% 6,9% 100,0%
LNK Centre Büroo 17 000 7 453 6,4% 6,5% 100,0%
Sky supermarket Kaubandus 4 850 3 254 8,2% 8,0% 99,4%
Galerija Centrs Kaubandus 76 409 20 022 6,2% 6,1% 96,0%
-------------------------------------------------------------------------------------
Riias kokku 143 347 49 239 6,6% 6,5% 98,3%
-------------------------------------------------------------------------------------
Tallinn, Eesti
Postimaja ja CC Plaza Kaubandus 32 250 9 145 4,2% 4,5% 92,4%
Postimaja ja CC Plaza Vaba aeg 15 150 8 664 9,0% 7,1% 100,0%
G4S-i peahoone Büroo 17 550 9 179 7,7% 6,9% 100,0%
Lincona Büroo 17 820 10 871 8,0% 7,1% 100,0%
Pirita ostukeskus Kaubandus 9 850 5 508 4,2% 5,3% 90,7%
-------------------------------------------------------------------------------------
Tallinnas kokku 92 620 43 367 6,1% 6,0% 97,2%
-------------------------------------------------------------------------------------
Portfell kokku 358 942 153 350 6,6% 6,4% 98,0%
-------------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 31. detsember 2019 teostatud hindamisel ja
kajastatud kasutusõiguse alusel kasutatavatel varadel.
2. Otsese tootluse leidmiseks jagatakse puhas äritulu kinnisvarainvesteeringu
soetusmaksumusega, millele on lisatud hilisemad kapitalikulud.
3. Esmase puhastootluse leidmiseks jagatakse puhas äritulu
kinnisvarainvesteeringu turuväärtusega.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
Tuhandetes eurodes 01.10.2019-31.12.2019 01.10.2018-31.12.2018 01.01.2019-31.12.2019 01.01.2018-31.12.2018
------------------------------------------------------------------------------------------------------------------
Renditulu 6 197 4 284 20 776 15 860
Teenustasutulu 1 397 948 4 525 2 760
Renditegevuse kulud -1 959 -1 303 -6 082 -3 816
------------------------------------------------------------------------------------------------------------------
Puhas renditulu 5 635 3 929 19 219 14 804
------------------------------------------------------------------------------------------------------------------
Halduskulud -846 -804 -3 251 -2 813
Muu äritulu 3 26 26 74
Kinnisvarainvesteeringute
ümberhindluse
kahjum/kasum 375 1 534 -2 064 2 014
------------------------------------------------------------------------------------------------------------------
Ärikasum 5 167 4 685 13 930 14 079
------------------------------------------------------------------------------------------------------------------
Finantstulud 1 2 5 8
Finantskulud -1 402 -808 -4 718 -2 789
------------------------------------------------------------------------------------------------------------------
Finantstulud ja -kulud
kokku -1 401 -806 -4 713 -2 781
------------------------------------------------------------------------------------------------------------------
Maksueelne kasum 3 766 3 879 9 217 11 298
Tulumaksukulu -351 -344 -426 -1 308
------------------------------------------------------------------------------------------------------------------
Perioodi kasum 3 415 3 535 8 791 9 990
------------------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum/-kahjum
Rahavoogude
riskimaandamise
puhaskasum/-kahjum 802 -588 -595 -1 013
Intressi ülemmäära
seadmise kulud - - -33
Rahavoogude
riskimaandamise
puhaskasumi/-kahjumiga
seotud tulumaks -48 55 44 97
------------------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või
kahjumisse
ümberliigitatav
tulumaksujärgne muu
koondkasum/-kahjum 754 -533 -551 -949
------------------------------------------------------------------------------------------------------------------
Perioodi tulumaksujärgne
koondkasum kokku 4 169 3 002 8 240 9 041
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Tava- ja lahustatud kasum
osaku kohta (eurodes) 0,03 0,04 0,09 0,13
------------------------------------------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 31.12.2019 31.12.2018
----------------------------------------------------------------
Põhivarad
Kinnisvarainvesteeringud 356 575 245 160
Lõpetamata kinnisvarainvesteeringud 2 367 -
Tuletisinstrumendid 73 9
Muud põhivarad 54 596
----------------------------------------------------------------
Põhivarad kokku 359 069 245 765
----------------------------------------------------------------
Käibevarad
Nõuded ostjate vastu ja muud nõuded 1 794 2 229
Ettemaksed 301 154
Muud käibevarad 734 505
Raha ja raha ekvivalendid 9 836 12 225
----------------------------------------------------------------
Käibevarad kokku 12 665 15 113
----------------------------------------------------------------
Varad kokku 371 734 260 878
----------------------------------------------------------------
Omakapital
Sissemakstud kapital 138 064 93 673
Omaosakud - -335
Rahavoogude riskimaandamise reserv -1 556 -1 005
Jaotamata kasum 16 010 17 472
----------------------------------------------------------------
Omakapital kokku 152 518 109 805
----------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad võlakohustised 205 718 140 401
Edasilükkunud tulumaksukohustised 6 199 5 844
Tuletisinstrumendid 1 728 1 069
Muud pikaajalised kohustised 1 298 905
----------------------------------------------------------------
Pikaajalised kohustised kokku 214 943 148 219
----------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad võlakohustised 414 106
Võlad tarnijatele ja muud võlad 3 171 2 397
Tulumaksukohustis 8 -
Muud lühiajalised kohustised 680 351
----------------------------------------------------------------
Lühiajalised kohustised kokku 4 273 2 854
----------------------------------------------------------------
Kohustised kokku 219 216 151 073
----------------------------------------------------------------
Omakapital ja kohustised kokku 371 734 260 878
----------------------------------------------------------------
Lisainformatsiooni saamiseks palume kontakteeruda:
Tarmo Karotam
Baltic Horizon Fond, fondijuht
E-mail [email protected]
www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=NQTEBo2cf6PWUTGGFqQxCV7p7PWknD7HeuW9
isZDDcO6lWQP4w9BL5HHDB3fNCXPeLFpoVXSt45vVASKT1lLioLJvvJj-
rqTHA6cztJjrsR7dB9yPIkeXjewFWulQV82WB2SFCaEDLiwTWtJ7HbguLdiK7Wq7xwSIIt21DQPmt8TC
0k2kKln8Uy2FiInJ_kN0Z60PL7Ina4a2sH3XLNduHGp7wjvBYhLk8zReVzblk-
h8jv6UTOFVzZcrWHt7FC-kg9VpfUcqzbGUZdn4Eob3Q==)
(https://www.globenewswire.com/Tracker?data=mar3ekShP69m9uBsEahjeU-
4RfevA0RA6rPE93JfFJlOgw3d_FD4RtK8OD7g86iKliHuzQvzIRKnfskYbMBAbI4L6uzB0K-
ip9Anx5r_TDMbhZWcyIES904UAIWAw-
TFJvjnRTVRmKB1jHgJ99XI_S6Nfd3gdwF2_drB3mJfhyQeBXgHa5ISPP01oUxE6V7Cb7SBIVbQUf7Pfb
nMXKsXFoNzCOTAB3Jt5SXVDjsrxNJgHsrbyaq6J_rAURPUDcyv9BGPu76GIsYNoSv-
E53Om8Kd962Je1n1X0zw03zHIeUkiRBLBBMKoyPXCfKDsN0jqL-gkgxYy-8GuEFvIL-
zm4avGocxsmFkH2aMqKUPvvPGyxrp-mm0WbmSbydg80-
aDb01YddjqlD9IC6L5dA3GDRftfAEfMtHYGdvrXK2-AYp2x0NfKbXGbmEeRQddV_x8C0qv1H_D-
Kgg2WyzQBbkLkXrpSQvOHeWHBaHL1ziGHqmEz1A9j8b3MgIZeJN3nbWFjD_9TJjTmdSFL4Ze0nnKNSi1
GHCvKHllGhS4wKuAPacT1Eu4oOkH6x94m_UE1cKEE7ROq90sbWpTNMzMe3vs7Djw5ipHSUzik2wodyOA
JwuqfVdM7Cq8Eac4h2d0Ljm5tkOifvWAOJCxKRMJi1aABWMHP3pfDpPqK3YdFeB3-aKnQ29di9Djf0-
pMFE7cfXHKAGaSxcwpPIVCMVlzgIw==)
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=NQTEBo2cf6PWUTGGFqQxCV7p7PWknD7HeuW9
isZDDcNPSjvZs8J08iH52Xnrb7LkalS4WmLZSCjJ2TdkDlA4FnGox0cncBKB-
yNkxE7O4BdBxDMji6rRlrx9vgg4dJxwjZZEQQTp52Y2xtp7KA-b5d5wTuDZrw39vG86rK0-
AtQYOseEHSgs2ptxE-
chtf7nFFMY_H9TZOPxJ0UXBfRlYOBr4UfBPJQBvuCRDCsilLcZwYsUdskelCi6obhFobeFZke5yOJBQL
k-qWeCWrjhwvdwNvGmsXgIgUVYZKq-Qsc3KRzGXgc2-
TviK2bj1V2__hru5B4pC4g4usc5mM9zbogeAS81y8sxqwyCmncxV_WbRnUVISMgqd9K833sO6R9d6vmv
F8zGc0nz3Z1iIq9tlzZf1ofq0IHgZFVjdQAw1tqVf7tafZsUxrEHTT29kYx0oKkCqWJ9Rm1C6z1PpdyK
wgt-SHEFOg5P4sWUT2sL9y2n-
I90zzQuopiCEWh4OawaUBiQsfq8kgytbw_re1uZm1wUHHkWjdxWWIhMoNAolRf3qoe7dJo--I3LsZYPe
w1X29uAsTzVe4m8-KpFV3gd3Ncubpelc0tZFlYhqIu0XSH_ktW5oOxCh5BsZuKDyXUz3f8D687K68OEl
nEfNDbWT7AhaonXFgnh9lLgPh2kwd2v6kpngyfzXRe19zCz74QQ98LNCmU8p-vkpc44ETWb7yQBJXOKm
By7IbUXcZz70UDzta4qqKgeCPyMgzsQlnF_GFzyUEM8NUKX-lin4GBgIk6Q711dy4Szw1egqshHi0=)
Käesolev teade sisaldab informatsiooni, mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukurvitarvituse määruse kohaselt. Informatsioon
esitati avaldamiseks 14.02.2019 kell 15:20 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Content of announcement in English
Title
Baltic Horizon Fund Consolidated Un-Audited Results for Q4 2019
Message
Gross Asset Value (GAV)
In Q4 2019, the GAV increased from EUR 345.3 million to EUR 371.7 million
compared to the end of Q3 2019. The increase is mainly related to a new
acquisition during the quarter and the increase in cash as a result of the
private placements. The Fund completed the acquisition of the North Star
Business Centre on 11 October 2019 and thus has deployed the new capital raised
in October 2019. The value of investment properties in use increased to EUR
356.6 million after the acquisition of the North Star Business Centre and year-
end valuations.
Net Asset Value (NAV)
In Q4 2019, the Fund NAV increased from EUR 135.2 million to EUR 152.5 million
compared to the end of Q3 2019. The Fund NAV was positively affected by the
Fund's operational performance and a positive cash flow hedge reserve movement
during the quarter. The Fund raised additional equity in the amount of EUR 16.2
million (net equity) through private placements in October. However, this was
offset by a EUR 3.06 million cash distribution to unitholders (EUR 0.027 per
unit).
Net Rental Income and Net Profit
In Q4 2019, the Fund earned a net profit of EUR 3.4 million (EUR 3.5 million
during Q4 2018). In Q4 2019, the Fund recorded a EUR 5.6 million net rental
income (EUR 3.9 million in Q4 2018). Growth in net rental income was positively
affected by new property acquisitions in 2019 (Duetto II office building,
Galerija Centrs shopping centre and North Star Business Centre). Compared to Q4
2018, the Fund's net profit slightly decreased mainly due to lower fair value
gain resulting from year-end valuations. During Q4 2019, the Fund recorded a
fair value gain of EUR 0.4 million whereas the fair value gain in Q4 2018 was
EUR 1.5 million.
Cash Distributions (dividends)
On 31 January 2020, the Fund declared a EUR 3.18 million quarterly cash
distribution to investors, which represents a EUR 0.028 distribution per unit
for the Q4 2019 results (EUR 3.06 million or EUR 0.027 per unit for Q3 2019). In
total, the Fund has paid out EUR 11.31 million from the operating results of
2019. The pay-out also represents a 8.0% rolling distribution yield based on the
closing unit price of the last day of Q4 2019 on Nasdaq Tallinn stock exchange.
Quarterly key figures
Euro '000 Q4 2019 Q4 2018 Change (%)
-------------------------------------------------------------------------------
Net rental income 5,635 3,929 43.4%
Valuations gains on investment properties 375 1,534 (75.6%)
Operating profit 5,167 4,685 10.3%
Net financing costs (1,401) (806) 73.8%
Profit before tax 3,766 3,879 (2.9%)
Net profit for the period 3,415 3,535 (3.4%)
Weighted average number of units
outstanding 112,686,139 78,637,645(1) 43.3%
-------------------------------------------------------------------------------
Earnings per unit (EUR) 0.03 0.04 (25.0%)
-------------------------------------------------------------------------------
Euro '000 31.12.2019 31.12.2018 Change (%)
--------------------------------------------------------------------------
Investment property in use 356,575 245,160 45.4%
Gross asset value (GAV) 371,734 260,878 42.5%
Interest bearing loans 205,827 140,507 46.5%
Total liabilities 219,216 151,073 45.1%
Net asset value (NAV) 152,518 109,805 38.9%
--------------------------------------------------------------------------
Number of units outstanding 113,387,525 78,496,831(1) 44.4%
Net asset value (NAV) per unit (EUR) 1.3451 1.3988 (3.8%)
Loan-to-Value ratio (LTV) 57.7% 57.3% -
Average effective interest rate 2.6% 2.4% -
--------------------------------------------------------------------------
1. 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 Q4 2019
During Q4 2019, the average actual occupancy of the portfolio was 98.0% (Q3
2019: 97.3%). When all rental
guarantees are considered, the effective occupancy rate is 98.0% (Q3
2019: 97.7%). The average direct property yield during Q4 2019 was 6.6% (Q3
2019: 6.7%). The net initial yield for the whole portfolio for Q4 2019 was 6.4%
(Q3 2019: 6.5%).
Overview of the Fund's investment properties as of 31.12.2019
-------------------------------------------------------------------------------
Fair Direct Net Occupancy
Property name value(1) property initial rate for Q4
Sector Euro '000 NLA yield(2) yield(3) 2019
-------------------------------------------------------------------------------
Vilnius,
Lithuania
Duetto I Office 16,460 8,586 7.7% 7.1% 100.0%
Duetto II Office 18,935 8,674 7.1% 7.1% 100.0%
Europa SC Retail 40,711 16,856 6.2% 5.7% 96.7%
Domus Pro
Retail Park Retail 16,670 11,247 6.8% 6.4% 97.5%
Domus Pro
Office Office 7,740 4,831 8.7% 7.4% 100.0%
North Star Office 20,092 10,550 6.8% 6.9% 97.9%
Meraki Land 2,367 - - -
-------------------------------------------------------------------------------
Total Vilnius 122,975 60,744 6.9% 6.5% 98.3%
-------------------------------------------------------------------------------
Riga, Latvia
Upmalas Biroji
BC Office 24,198 10,458 7.6% 7.2% 100.0%
Vainodes I Office 20,890 8,052 6.8% 6.9% 100.0%
LNK Centre Office 17,000 7,453 6.4% 6.5% 100.0%
Sky SC Retail 4,850 3,254 8.2% 8.0% 99.4%
Galerija Centrs Retail 76,409 20,022 6.2% 6.1% 96.0%
-------------------------------------------------------------------------------
Total Riga 143,347 49,239 6.6% 6.5% 98.3%
-------------------------------------------------------------------------------
Tallinn,
Estonia
Postimaja & CC
Plaza Retail 32,250 9,145 4.2% 4.5% 92.4%
Postimaja & CC
Plaza Leisure 15,150 8,664 9.0% 7.1% 100.0%
G4S
Headquarters Office 17,550 9,179 7.7% 6.9% 100.0%
Lincona Office 17,820 10,871 8.0% 7.1% 100.0%
Pirita SC Retail 9,850 5,508 4.2% 5.3% 90.7%
-------------------------------------------------------------------------------
Total Tallinn 92,620 43,367 6.1% 6.0% 97.2%
-------------------------------------------------------------------------------
Total portfolio 358,942 153,350 6.6% 6.4% 98.0%
-------------------------------------------------------------------------------
1. Based on the latest valuation as at 31 December 2019 and recognised right-
of-use assets.
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.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Euro '000 01.10.2019-31.12.2019 01.10.2018-31.12.2018 01.01.2019-31.12.2019 01.01.2018-31.12.2018
-------------------------------------------------------------------------------------------------------
Rental income 6,197 4,284 20,776 15,860
Service charge
income 1,397 948 4,525 2,760
Cost of rental
activities (1,959) (1,303) (6,082) (3,816)
-------------------------------------------------------------------------------------------------------
Net rental
income 5,635 3,929 19,219 14,804
-------------------------------------------------------------------------------------------------------
Administrative
expenses (846) (804) (3,251) (2,813)
Other
operating
income 3 26 26 74
Valuation
gains (losses)
on investment
properties 375 1,534 (2,064) 2,014
-------------------------------------------------------------------------------------------------------
Operating
profit 5,167 4,685 13,930 14,079
-------------------------------------------------------------------------------------------------------
Financial
income 1 2 5 8
Financial
expenses (1,402) (808) (4,718) (2,789)
-------------------------------------------------------------------------------------------------------
Net financing
costs (1,401) (806) (4,713) (2,781)
-------------------------------------------------------------------------------------------------------
Profit before
tax 3,766 3,879 9,217 11,298
Income tax
charge (351) (344) (426) (1,308)
-------------------------------------------------------------------------------------------------------
Profit for the
period 3,415 3,535 8,791 9,990
-------------------------------------------------------------------------------------------------------
Other comprehensive income that is or may be reclassified to profit or loss in subsequent periods
Net gains
(losses) on
cash flow
hedges 802 (588) (595) (1,013)
Recognition of
initial
interest rate
cap costs - - (33)
Income tax
relating to
net gains
(losses) on
cash flow
hedges (48) 55 44 97
-------------------------------------------------------------------------------------------------------
Other
comprehensive
income
(expense), net
of tax, that
is or may be
reclassified
to profit or
loss in
subsequent
periods 754 (533) (551) (949)
-------------------------------------------------------------------------------------------------------
Total
comprehensive
income for the
period, net of
tax 4,169 3,002 8,240 9,041
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Basic and
diluted
earnings per
unit (Euro) 0.03 0.04 0.09 0.13
-------------------------------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Euro '000 31.12.2019 31.12.2018
-------------------------------------------------------------------
Non-current assets
Investment properties 356,575 245,160
Investment property under construction 2,367 -
Derivative financial instruments 73 9
Other non-current assets 54 596
-------------------------------------------------------------------
Total non-current assets 359,069 245,765
-------------------------------------------------------------------
Current assets
Trade and other receivables 1,794 2,229
Prepayments 301 154
Other current assets 734 505
Cash and cash equivalents 9,836 12,225
-------------------------------------------------------------------
Total current assets 12,665 15,113
-------------------------------------------------------------------
Total assets 371,734 260,878
-------------------------------------------------------------------
Equity
Paid in capital 138,064 93,673
Own units - (335)
Cash flow hedge reserve (1,556) (1,005)
Retained earnings 16,010 17,472
-------------------------------------------------------------------
Total equity 152,518 109,805
-------------------------------------------------------------------
Non-current liabilities
Interest bearing loans and borrowings 205,718 140,401
Deferred tax liabilities 6,199 5,844
Derivative financial instruments 1,728 1,069
Other non-current liabilities 1,298 905
-------------------------------------------------------------------
Total non-current liabilities 214,943 148,219
-------------------------------------------------------------------
Current liabilities
Interest bearing loans and borrowings 414 106
Trade and other payables 3,171 2,397
Income tax payable 8 -
Other current liabilities 680 351
-------------------------------------------------------------------
Total current liabilities 4,273 2,854
-------------------------------------------------------------------
Total liabilities 219,216 151,073
-------------------------------------------------------------------
Total equity and liabilities 371,734 260,878
-------------------------------------------------------------------
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
15:20 EET on 14 February 2020.