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
7882
Attachments
Submission date and time
20.03.2020 20:45:00
Content of announcement in Estonian
Title
BALTIC HORIZON FONDI 2019. AASTA KONSOLIDEERITUD NING AUDITEERITUD MAJANDUSTULEMUSED
Message
Northern Horizon Capital AS-i juhatus on kinnitanud Baltic Horizon Fondi (fond)
2019. aasta auditeeritud majandustulemused. Finantstulemused jäid samaks,
võrreldes esialgse avalikustamisega 14. veebruaril 2020.
Väljamaksed osakuomanikele Fondi 2019. aasta tulemuste eest
Fond kuulutas 2019. aasta äritegevuse tulemuste eest välja rahalisi väljamakseid
kogusummas 11 309 tuhat eurot (2 449 tuhat eurot 2019. aasta I kvartali, 2 624
tuhat eurot 2019. aasta II kvartali, 3 061 tuhat eurot 2019. aasta III kvartali
ja 3 175 tuhat eurot 2019. aasta IV kvartali tulemuste eest). Äritegevuse
tulemuste eest välja kuulutatud väljamaksete alusel oli osakute 2019. aasta
bruto dividenditootlus 8,0%.
Puhaskasum ja puhas renditulu
Fondi 2019. aasta puhaskasum oli 8,8 miljonit eurot, 12% väiksem kui 2018.
aastal, mil puhaskasum oli 10 miljonit eurot. Langus tulenes eeskätt
kinnisvarainvesteeringute ümberhindamisest. Portfelli väärtus vastavalt
hindamistele jäi suures pildis samale tasemele kui 2018. aastal. Kui
ümberhindamisest tingitud kasumid (kahjumid) 2018. ja 2019. aasta puhaskasumist
välja arvata, siis Fondi äritegevusest teenitud puhaskasum kasvas aastaga
36,1%. Puhaskasumile avaldasid märkimisväärset mõju ka puhta renditulu ja neto
finantskulude kasv. Finantskulude kasvu põhjustas keskmise laenukapitali
kulukuse määra tõus. Kasum osaku kohta oli 0,09 eurot (2018: 0,13 eurot).
Fond teenis aruandeperioodil 19,2 miljonit eurot puhast renditulu. 2018. aasta
puhas renditulu oli 14,8 miljonit eurot. Kasv saavutati tänu uutele, 2019.
aastal kaasatud kapitali abil omandatud kinnisvarainvesteeringutele. Portfelli
praeguse suurima vara, Galerija Centrsi, omandamine avaldas Kontserni 2019.
aasta puhtale renditulule olulist mõju ja eeldatavasti püsib selle positiivne
mõju ka tulevikus. Portfelli EPRA võrreldav puhas renditulu kahanes 2018.
aastaga võrreldes 1,6% peamiselt Pirita ja Postimaja suurenenud vakantsusele
seoses ettevalmistusega kontseptide muutmiseks.
2019. aasta puhas renditulu jagunes segmentide vahel järgmiselt: büroo 50,8%
(2018: 51,1%), kaubandus 43,8% (2018: 42,2%) ja vaba aeg 5,4% (6,7%).
Fondi kinnisvarainvesteeringute 2019. aasta puhas renditulu jagunes riikide
vahel järgmiselt: Läti 37,2% (2018: 51,1%), Leedu 35,0% ja Eesti 27,8% (2018:
42,2%).
Varade brutoväärtus (Gross Asset Value ehk GAV)
2019. aastal kasvas Fondi varade brutoväärtus 42,5% ning tõusis 371,7 miljoni
euroni (31. detsember 2018: 260,9 miljonit eurot). Kasv tulenes peamiselt aasta
jooksul omandatud uutest kinnisvarainvesteeringutest ja Meraki arendusprojekti
alustamisest. Fond viis lõpule Duetto II büroohoone, Galerija Centrsi
ostukeskuse ja North Stari ärikeskuse omandamise, kasutades selleks ära suurema
osa 2019. aastal kaasatud täiendavast kapitalist. Fond kavatseb kasutada
ülejäänud kapitali Meraki büroohoone 2020. aasta ehitustööde
finantseerimiseks.
Varade puhasväärtus (Net Asset Value ehk NAV)
2019. aastal suurenes Fondi varade puhasväärtus 109,8 miljonilt eurolt (2018.
aasta lõpu näitaja) 152,5 miljoni euroni. Kasv tulenes uue kapitali kaasamisest
ja Fondi majandustulemustest. Fond kaasas 2019. aasta aprillis, mais, juulis ja
oktoobris korraldatud mitteavalike pakkumiste abil 44,7 miljonit eurot
täiendavat kapitali (netosumma) ja teenis peaaegu 8,8 miljonit eurot
puhaskasumit.
Fondi varade puhasväärtuse kasvu vähendasid osakuomanikele tehtud väljamaksed
summas 10,3 miljonit eurot ja rahavoo riskimaandamise reservi negatiivne muutus
summas 0,6 miljonit eurot. Seisuga 31. detsember 2019 oli osaku puhasväärtus
1,3451 eurot (31. detsember 2018: 1,3988 eurot) ja EPRA nõuete kohaselt
arvestatud osaku puhasväärtus 1,4333 eurot (31. detsember 2018: 1,5101 eurot).
Kinnisvarainvesteeringud
Baltic Horizon Fundi portfelli kuulub 15 Balti riikide pealinnades asuvat
rahavooga kinnisvarainvesteeringut ja üks lõpetamata kinnisvarainvesteering
Meraki maatükil. 2019. aasta lõpu seisuga hinnati Fondi portfelli väärtuseks
358,9 miljonit eurot (2018: EUR 245.2 million). Vaatamata mõningasele kasvule
renditulus avaldasid hindamistulemustele negatiivset mõju rendihinna
indekseerimiseks kasutatavate Balti riikide inflatsioonimäärade langus ja
eeldatav laenukapitali kulukuse määra tõus, mida võeti arvesse diskontomäärade
arvutamisel. Aasta jooksul tegi Kontsern 0,7 miljoni euro ulatuses olemasoleva
portfelliga seotud kapitaliinvesteeringuid ja investeeris lisaks 0,7 miljonit
eurot Meraki arendusprojekti.
Intressikandvad laenukohustised ja võlakirjad
Intressikandvad laenukohustised ja võlakirjad kasvasid aastaga 46,5%, tõustes
205,8 miljoni euroni (2018: 140,5 miljonit eurot). 2019. aastal kasutas Fond oma
investeeringute portfelli suurendamiseks laenukapitali (pangalaene ja võlakirju)
summas 67,4 miljonit eurot.
Rahavood
2019. aasta äritegevuse rahavoog oli 16,4 miljonit eurot (2018: 10,4 miljonit
eurot). Rahavoog investeerimistegevuseks oli täiendavate kapitaliinvesteeringute
ning kinnisvarainvesteeringute ja Galerija Centrsit omava tütarettevõtte Tampere
Invest SIA omandamise tõttu 78,2 miljonit eurot (2018: 56,4 miljonit eurot).
Finantseerimistegevuse rahavoog kasvas 59,4 miljoni euroni (2018: 33,7 miljonit
eurot). Aasta jooksul võttis Fond kasutusele mitu pangalaenu kogusummas 57,4
miljonit eurot ja viis lõpule järjekordse võlakirjade märkimise mahuga 10
miljonit eurot. Pangalaene ning võlakirjade ja uute osakute emiteerimisest
laekunud vahendeid (44,7 miljonit eurot) kasutati uute kinnisvarainvesteeringute
omandamiseks. 2019. aasta lõpu seisuga oli Kontsernil raha ja raha ekvivalente
summas 9,8 miljonit eurot.
Peamised kasumi näitajad
Tuhandetes eurodes 2019 2018 Muutus (%)
-------------------------------------------------------------------------------
Puhas renditulu 19 219 14 804 29,8%
-------------------------------------------------------------------------------
Halduskulud -3 251 -2 813 15,6%
-------------------------------------------------------------------------------
Muu äritulu 26 74 -64,9%
-------------------------------------------------------------------------------
Kinnisvarainvesteeringute ümberhindluse
kahjum/kasum -2 064 2 014 -202,5%
-------------------------------------------------------------------------------
Ärikasum 13 930 14 079 -1,1%
-------------------------------------------------------------------------------
Finantstulud ja -kulud
(netosumma) -4 713 -2 781 69.5%
-------------------------------------------------------------------------------
Maksueelne kasum 9 217 11 298 -18,4%
-------------------------------------------------------------------------------
Tulumaks -426 -1 308 -67,4%
-------------------------------------------------------------------------------
Perioodi puhaskasum 8 791 9 990 -12,0%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud
keskmine arv 96 718 348 78 764 895(1) 22,8%
-------------------------------------------------------------------------------
Kasum osaku kohta (eurodes) 0,09 0,13 -30,8%
-------------------------------------------------------------------------------
Peamised finantsseisundi näitajad
Tuhandetes
eurodes 31.12.2019 31.12.2018 Muutus (%)
-------------------------------------------------------------------------------
Kasutuses olevad
kinnisvarainvesteeringud 356 575 245 160 45,4%
-------------------------------------------------------------------------------
Lõpetamata kinnisvarainvesteeringud 2,367 - -
-------------------------------------------------------------------------------
Varade brutoväärtus (GAV) 371 734 260 878 42,5%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Intressikandvad laenukohustised ja
võlakirjad 205 827 140 507 46,5%
-------------------------------------------------------------------------------
Kohustised
kokku 219 216 151 073 45,1%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Varade puhasväärtus (NAV) 152 518 109 805 38,9%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute arv 113 387 525 78 496 831(1 ) 44,4%
-------------------------------------------------------------------------------
Osaku puhasväärtus (eurodes) IFRS-i
nõuete kohaselt 1,3451 1,3988 -3,8%
-------------------------------------------------------------------------------
Osaku puhasväärtus (eurodes) EPRA
nõuete kohaselt 1,4333 1,5101 -5,1%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Laenu tagatuse suhtarv (%) 57,3% 57,3% -
-------------------------------------------------------------------------------
Keskmine sisemine intressimäär (%) 2,6% 2,4% -
-------------------------------------------------------------------------------
1. Osakute arv ei sisalda 255 969 osakut, mille Fond omandas osakute
tagasiostu programmi raames.
Kinnisvarainvesteeringute tootlus
Fondi kinnisvarainvesteeringute portfelli keskmine tegelik täitumuse määr oli
2019. aastal 96,8% (2018: 97,6%). Kõiki rendigarantiisid arvesse võttes oli
sisemine täitumuse määr 97,5% (2018: 98,0%). Seisuga 31. detsember 2019 oli
täitumuse määr 98,3%. Kinnisvarainvesteeringute keskmine otsene tootlus oli
2019. aastal 6,6% (2018: 6,8%).
Kinnisvarainvesteeringute portfelli esmane puhastootlus oli 2019. aastal 6,3%
(2018: 6,5%). Languse põhjustas uute, madalama tootlusega
kinnisvarainvesteeringute (nt Galerija Centrsi) omandamine ja olemasoleva
portfelli nõrgemad võrreldavad tulemused Tallinna keskustes. Kogu portfelli
keskmine rendihind oli 2019. aastal 13,1 eurot ruutmeetri kohta.
Õiglane
Kinnisvarainvesteering Segment väärtus(1) Renditav
(tuhandetes netopind Otsene Esmane Täitumuse
eurodes) (m(2)) tootlus(2) puhastootlus(3) määr 2019
-------------------------------------------------------------------------------------------
Vilnius, Leedu
-------------------------------------------------------------------------------------------
Duetto I Büroo 16 460 8 586 7,7% 7,1% 100,0%(4)
-------------------------------------------------------------------------------------------
Duetto II Büroo 18 935 8 674 7,1% 7,2% 100,0%(4)
-------------------------------------------------------------------------------------------
Europa ostukeskus Kaubandus 40 711 16 856 6,6% 6,1% 95,9%
-------------------------------------------------------------------------------------------
Domus Pro ostukeskus Kaubandus 16 670 11 247 7,3% 6,7% 98,0%
-------------------------------------------------------------------------------------------
Domus Pro ärikeskus Büroo 7 740 4 831 8,7% 7,5% 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 7,2% 6,7% 98,0%
-------------------------------------------------------------------------------------------
Riia, Läti
-------------------------------------------------------------------------------------------
Upmalas Biroji Büroo
bürookompleks 24 198 10 458 7,2% 6,7% 100,0%
-------------------------------------------------------------------------------------------
Vainodes I Büroo 20 890 8 052 6,9% 6,9% 100,0%
-------------------------------------------------------------------------------------------
LNK Centre Büroo 17 000 7 453 6,3% 6,3% 100,0%
-------------------------------------------------------------------------------------------
Sky ostukeskus Kaubandus 4 850 3 254 7,4% 6,9% 99,4%
-------------------------------------------------------------------------------------------
Galerija Centrs Kaubandus 76 409 20 022 6,3% 6,2% 96,0%
-------------------------------------------------------------------------------------------
Riias kokku 143 347 49 239 6,6% 6,5% 99,0%
-------------------------------------------------------------------------------------------
Tallinn, Eesti
-------------------------------------------------------------------------------------------
Postimaja ja CC Plaza Kaubandus 32 250 9 145 4,2% 4,5% 91,2%
-------------------------------------------------------------------------------------------
Postimaja ja CC Plaza Vaba aeg 15 150 8 664 8,7% 7,0% 100,0%
-------------------------------------------------------------------------------------------
G4S-i peahoone Büroo 17 550 9 179 7,3% 6,5% 94,3%
-------------------------------------------------------------------------------------------
Lincona Büroo 17 820 10 871 8,1% 7,3% 99,4%
-------------------------------------------------------------------------------------------
Pirita ostukeskus Kaubandus 9 850 5 508 3,6% 4,4% 91,2%
-------------------------------------------------------------------------------------------
Tallinnas kokku 92 620 43 367 5,9% 5,8% 95,7%
-------------------------------------------------------------------------------------------
Portfell kokku 358 942 153 350 6,6% 6,3% 97,5%
-------------------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 31. detsember 2019 teostatud hindamisel ja
kajastatud kasutusõiguse varadel.
2. Otsese tootluse leidmiseks jagatakse puhas äritulu kinnisvarainvesteeringu
soetusmaksumuse ja hilisemate kapitalikulude summaga.
3. Esmase puhastootluse leidmiseks jagatakse puhas äritulu
kinnisvarainvesteeringu turuväärtusega.
4. Sisemine täitumuse määr on rendigarantii tõttu 100%.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
Tuhandetes eurodes 2019 2018
-------------------------------------------------------------------------------
Renditulu 20 776 15 860
Teenustasutulu 4 525 2 760
Renditegevuse kulud -6 082 -3 816
-------------------------------------------------------------------------------
Puhas renditulu 19 219 14 804
-------------------------------------------------------------------------------
Halduskulud -3 251 -2 813
Muu äritulu 26 74
Kinnisvarainvesteeringute ümberhindluse kahjum/kasum -2 064 2 014
-------------------------------------------------------------------------------
Ärikasum 13 930 14 079
-------------------------------------------------------------------------------
Finantstulud 5 8
Finantskulud -4 718 -2 789
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -4 713 -2 781
-------------------------------------------------------------------------------
Maksueelne kasum 9 217 11 298
Tulumaksukulu -426 -1 308
-------------------------------------------------------------------------------
Perioodi kasum 8 791 9 990
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu
koondkasum/-kahjum
Rahavoogude riskimaandamise puhaskasum/-kahjum -595 -1 013
Intressi ülemmäära seadmise kulud - -33
Rahavoogude riskimaandamise puhaskasumi/-kahjumiga seotud
tulumaks 44 97
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav
tulumaksujärgne muu koondkasum/-kahjum -551 -949
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkasum kokku 8 240 9 041
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava- ja lahustatud kasum osaku kohta (eurodes) 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
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
Käesolev teade sisaldab informatsiooni, mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukuritarvituse määruse kohaselt. Informatsioon esitati
avaldamiseks 20.03.2020 kell 20:15Eesti aja järgi ülalmainitud avaldamiskanalite
esindajatele.
Content of announcement in English
Title
BALTIC HORIZON FUND CONSOLIDATED AUDITED RESULTS FOR 2019
Message
Management Board of Northern Horizon Capital AS has approved the audited
financial results of Baltic Horizon Fund (the Fund) for the year 2019. The
financial results remained unchanged compared to the preliminary disclosure on
14 February 2020.
Distributions to unitholders for 2019 Fund results
In total, the Fund declared a cash distribution of EUR 11,309 thousand from the
operating results of 2019 (EUR 2,449 thousand from Q1 2019, EUR 2,624 thousand
from Q2 2019, EUR 3,061 thousand from Q3 2019 and EUR 3,175 thousand from Q4
2019). Dividends for the operating results of 2019 correspond to a gross yield
of 8.0% based on the closing price on the Nasdaq Tallinn Stock Exchange at 31
December 2019.
Net profit and net rental income
In 2019, the Group recorded a net profit of EUR 8.8 million, which was a down
12.0%, compared to net profit of EUR 10 million for 2018. The net profit was
largely affected by the lower investment property value gains during the year.
Portfolio valuations largely remained at the same level as at the end of 2018.
Excluding the effect of valuation gains (losses), net profit from operating
performance grew by 36.1%. Net profit was also significantly impacted by the
increase in net rental income and net financing costs. The increase in net
financing costs arose from a higher average cost of financing. Earnings per unit
were EUR 0.09 (2018: EUR 0.13).
During the year, the Group recorded a net rental income of EUR 19.2 million
compared to EUR 14.8 million in 2018. The increase was achieved through new
acquisitions that were made following the capital raisings in 2019. The
acquisition of the largest asset in the portfolio (Galerija Centrs) had a
significant effect on the Group's net rental income growth for 2019 and will
continue to have a positive impact on the net rental income in the future. On an
EPRA like-for-like basis, portfolio rental income decreased by 1.6% compared to
2018 mainly due to Pirita and Postimaja higher vacancies and concept change
preparations.
Portfolio properties in the office segment contributed 50.8% (2018: 51.1%) of
net rental income in 2019 followed by the retail segment with 43.8% (2018:
42.2%) and the leisure segment with 5.4% (6.7%).
During the year, investment properties in Latvia and Lithuania contributed
37.2% (2018: 51.1%) and 35.0% of net rental income respectively, while
investment properties in Estonia contributed 27.8% (2018: 42.2%).
Gross Asset Value (GAV)
At the end of 2019, the GAV increased to EUR 371.7 million (31 December 2018:
EUR 260.9 million) which was a rise of 42.5% over the year. The increase is
mainly related to new acquisitions during the year and the start of the Meraki
development project. The Fund completed the acquisitions of the Duetto II office
building, the Galerija Centrs Shopping Centre and the North Star Business Centre
and thus deployed most of the new capital raised in 2019. The Fund aims to use
the remaining capital to finance the construction of the Meraki office building
in 2020.
Net Asset Value (NAV)
During 2019, the Fund NAV increased from EUR 109.8 million to EUR 152.5 million
as compared to the end of 2018. The increase is related to new equity raised and
the Group's operational performance over the year. The Fund raised a total of
EUR 44.7 million net equity through private placements in April, May, July and
October and generated almost EUR 8.8 million in net profit. The Fund NAV
increase was offset by a EUR 10.3 million dividend distribution to its
unitholders and a negative cash flow hedge reserve movement of EUR 0.6 million.
At 31 December 2019, NAV per unit stood at EUR 1.3451 (31 December 2018: EUR
1.3988), while NAV per unit based on EPRA standards was EUR 1.4333 (31 December
2018: EUR 1.5101).
Investment properties
Baltic Horizon Fund portfolio consists of 15 cash flow investment properties in
the Baltic capitals and investment property under construction on the Meraki
land plot. At the end of 2019, the appraised value of the Fund's portfolio was
EUR 358.9 million (2018: EUR 245.2 million). Despite some NOI increases,
valuations were also affected by a decrease in the Baltic States' inflation
rates, which are used for rent indexation, and an increase in the expected cost
of debt, taken into account in the valuation discount rates. During the year,
the Group invested EUR 0.7 million of capital expenditure in the existing
property portfolio and an additional EUR 0.7 million in the Meraki development
project.
Interest bearing loans and bonds
Interest bearing loans and bonds increased to EUR 205.8 million (2018: EUR
140.5 million) which was a rise of 46.5% over the year. During 2019, the Group
received external financing of EUR 67.4 million (bank loans and bonds), which
was used to further expand the Fund's investment portfolio.
Cash flow
Cash flow from core operating activities for the year 2019 amounted to EUR 16.4
million (2018: EUR 10.4 million). Cash flow for investments amounted to EUR 78.2
million (2018: EUR 56.4 million). Investments consisted of subsequent capital
expenditure and acquisitions of investment properties and the subsidiary Tampere
Invest SIA, which owns Galerija Centrs. Cash flow from financing activities rose
to EUR 59.4 million (2018: EUR 33.7 million). During the year, the Fund drew
down several bank loans amounting to EUR 57.4 million and completed a subsequent
bond subscription in an amount of EUR 10 million. The proceeds from the bank
loans, bond issue and issue of new units (EUR 44.7 million) were used to acquire
new properties. The Group's total cash balance at the end of 2019 amounted to
EUR 9.8 million.
Key earnings figures
EUR '000 2019 2018 Change (%)
-------------------------------------------------------------------------------
Net rental income 19,219 14,804 29.8%
-------------------------------------------------------------------------------
Administrative
expenses (3,251) (2,813) 15.6%
-------------------------------------------------------------------------------
Other operating income 26 74 (64.9%)
-------------------------------------------------------------------------------
Valuation gains (losses) on investment
properties (2,064) 2,014 (202.5%)
-------------------------------------------------------------------------------
Operating profit 13,930 14,079 (1.1%)
-------------------------------------------------------------------------------
Net financing
costs (4,713) (2,781) 69.5%
-------------------------------------------------------------------------------
Profit before tax 9,217 11,298 (18.4%)
-------------------------------------------------------------------------------
Income tax (426) (1,308) (67.4%)
-------------------------------------------------------------------------------
Net profit for the
period 8,791 9,990 (12.0%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Weighted average number of units
outstanding (units) 96,718,348 78,764,895(1) 22.8%
-------------------------------------------------------------------------------
Earnings per unit
(EUR) 0.09 0.13 (30.8%)
-------------------------------------------------------------------------------
Key financial position figures
EUR '000 31.12.2019 31.12.2018 Change (%)
------------------------------------------------------------------------------
Investment properties in use 356,575 245,160 45.4%
------------------------------------------------------------------------------
Investment property under
construction 2,367 - -
------------------------------------------------------------------------------
Gross asset value (GAV) 371,734 260,878 42.5%
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Interest bearing loans and
bonds 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
(units) 113,387,525 78,496,831(1) 44.4%
------------------------------------------------------------------------------
IFRS Net asset value (IFRS NAV) per
unit (EUR) 1.3451 1.3988 (3.8%)
------------------------------------------------------------------------------
EPRA Net asset value (EPRA NAV) per
unit (EUR) 1.4333 1.5101 (5.1%)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Loan-to-Value ratio (%) 57.3% 57.3% -
------------------------------------------------------------------------------
Average effective interest rate
(%) 2.6% 2.4% -
------------------------------------------------------------------------------
1. The number of units excludes 255,969 units acquired by the Fund as part of
the unit buy-back program.
During 2019, the average actual occupancy of the portfolio was 96.8% (2018:
97.6%). Taking into account all rental guarantees, the effective occupancy rate
was 97.5% (2018: 98.0%). Occupancy rate as of 31 December 2019 was 98.3%.
Average direct property yield during 2019 was 6.6% (2018: 6.8%). The net initial
yield for the whole portfolio for 2019 was 6.3% (2018: 6.5%). The decrease is
mainly related to the acquisition of new properties with lower yields (e.g.
Galerija Centrs) and weaker like-for-like performance of some of the retail
assets in Tallinn. The average rent rate for the whole portfolio for 2019 was
EUR 13.1 per sq. m.
Investment Properties Performance
Fair Direct Net Occupancy
Property name Sector value(1) NLA property initial rate for
(EUR '000) (sq. m.) yield(2) yield(3) 2019
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Vilnius,
Lithuania
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Duetto I Office 16,460 8,586 7.7% 7.1% 100.0%(4)
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Duetto II Office 18,935 8,674 7.1% 7.2% 100.0%(4)
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Europa SC Retail 40,711 16,856 6.6% 6.1% 95.9%
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Domus Pro Retail
Retail Park 16,670 11,247 7.3% 6.7% 98.0%
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Domus Pro Office
Office 7,740 4,831 8.7% 7.5% 100.0%
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North Star Office 20,092 10,550 6.8% 6.9% 97.9%
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Meraki Land 2,367 - - -
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Total Vilnius 122,975 60,744 7.2% 6.7% 98.0%
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Riga, Latvia
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Upmalas Biroji Office
BC 24,198 10,458 7.2% 6.7% 100.0%
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Vainodes I Office 20,890 8,052 6.9% 6.9% 100.0%
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LNK Centre Office 17,000 7,453 6.3% 6.3% 100.0%
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Sky SC Retail 4,850 3,254 7.4% 6.9% 99.4%
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Galerija Centrs Retail 76,409 20,022 6.3% 6.2% 96.0%
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Total Riga 143,347 49,239 6.6% 6.5% 99.0%
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Tallinn,
Estonia
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Postimaja & CC Retail
Plaza complex 32,250 9,145 4.2% 4.5% 91.2%
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Postimaja & CC Leisure
Plaza complex 15,150 8,664 8.7% 7.0% 100.0%
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G4S Office
Headquarters 17,550 9,179 7.3% 6.5% 94.3%
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Lincona Office 17,820 10,871 8.1% 7.3% 99.4%
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Pirita SC Retail 9,850 5,508 3.6% 4.4% 91.2%
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Total Tallinn 92,620 43,367 5.9% 5.8% 95.7%
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Total portfolio 358,942 153,350 6.6% 6.3% 97.5%
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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.
4. Effective occupancy rate is 100% due to a rental guarantee.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
EUR '000 2019 2018
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Rental income 20,776 15,860
Service charge income 4,525 2,760
Cost of rental activities (6,082) (3,816)
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Net rental income 19,219 14,804
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Administrative expenses (3,251) (2,813)
Other operating income 26 74
Valuation gains (losses) on investment properties (2,064) 2,014
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Operating profit 13,930 14,079
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Financial income 5 8
Financial expenses (4,718) (2,789)
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Net financing costs (4,713) (2,781)
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Profit before tax 9,217 11,298
Income tax charge (426) (1,308)
-------------------------------------------------------------------------------
Profit for the period 8,791 9,990
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Other comprehensive income that is or may be reclassified to
profit or loss in subsequent periods
Net gains (losses) on cash flow hedges (595) (1,013)
Recognition of initial interest rate cap costs - (33)
Income tax relating to net gains (losses) on cash flow hedges 44 97
-------------------------------------------------------------------------------
Other comprehensive income (expense), net of tax, that is or
may be reclassified to profit or loss in subsequent periods (551) (949)
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Total comprehensive income for the period, net of tax 8,240 9,041
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Basic and diluted earnings per unit (EUR) 0.09 0.13
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 31.12.2019 31.12.2018
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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
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Total non-current assets 359,069 245,765
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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
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Total current assets 12,665 15,113
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Total assets 371,734 260,878
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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
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Total equity 152,518 109,805
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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
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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
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Total current liabilities 4,273 2,854
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Total liabilities 219,216 151,073
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Total equity and liabilities 371,734 260,878
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For more information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected]
www.baltichorizon.com
The Fund is a registered contractual public closed-end real estate fund that is
managed by Alternative Investment Fund Manager license holder Northern Horizon
Capital AS. Both the Fund and the Management Company are supervised by the
Estonian Financial Supervision Authority.
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
20:15 EET on 20 March 2020.