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
8167
Submission date and time
15.07.2020 22:45:00
Content of announcement in Estonian
Title
Baltic Horizon Fond avaldab osaku puhasväärtuse 2020. aasta juuni seisuga
Message
Baltic Horizon Fondi (Fond) osaku puhasväärtus (NAV) 2020. aasta juuni lõpu seisuga on 1,2169 eurot osaku kohta. Fondi osaku puhasväärtuse muutus võrreldes eelneva kuu lõpu seisuga on -9.57%. Fondi puhasväärtust mõjutas negatiivselt kinnisvarainvesteeringute väärtuse langus ning muutus rahavoogude riskimaandamisinstrumendi reservis. Negatiivset mõju puhasväärtusele tasakaalustas osaliselt renditegevusest teenitud rahavoog. Fondi auditeerimata konsolideeritud puhaskahjum oli 2020. aasta juunis 14,5 miljonit. 30. juuni 2020. aasta seisuga langes Baltic Horizon Fondi portfelli õiglane väärtus 345,5 miljoni euroni (31. detsember 2019: 358,9 miljonit). 2020. aasta juunis põhjustas portfelli hindamine õiglase väärtuse langust 15,7 miljonit eurot (-4,36% kinnisvaraportfellist) peamiselt COVID-19 mõju tõttu kinnisvarasektorile. Portfelli hindamine põhineb sõltumatu kinnisvarahindaja Newsec Baltics poolt 30. juuni 2020. aasta seisuga tehtud hindamistel. Portfelli kinnisvarainvesteeringute õiglased väärtused langesid peamiselt eeldatavate väärtuste languse allapoole korrigeerimiste tõttu, mille põhjustas COVID-19 pandeemiaga seotud ebakindlus. Portfelli hindamise muutust mõjutasid peamiselt varasemate hinnangutega võrreldes kõrgemad diskontomäära eeldused ja madalamad rahavoogude prognoosid. Suurema osa portfelli diskontomäärasid tõsteti 0,3%, et kajastada võla maksumuse eeldatavat kasvu. Portfelli äritegevuse rahavoogude prognoosid olid madalamad EL-i ja Balti riikide tarbijahinnaindeksi taseme prognooside languse ja suurenenud vakantsuse eelduste tõttu aastatel 2020-2022. Väljumisootlused jäid 2019. aasta hindamistulemustega samaks, kuna puudusid turutehingud COVID-19 eriolukorra ajal. Vara hindamise kokkuvõte avaldatakse fondi veebilehel. Lisateavet antakse poolaastaaruandes. Northern Horizon Capital AS kui Baltic Horizon fondi fondivalitseja jätkab COVID-19 pandeemia majandusliku mõju aktiivset jälgimist ja võimalikku mõju fondi tulemustele. Fondil oli 2020. aasta juuni lõpus piisavalt sularaha (7,1 miljonit eurot), et katta oma likviidsusvajadused COVID-19 pandeemia perioodil. Lisainformatsiooni saamiseks palume ühendust võtta: Tarmo Karotam Baltic Horizon Fond, fondijuht E-mail [email protected] (https://www.globenewswire.com/Tracker?data=cWe6LqIKcs78eHz71bVGkePALkr5YF5WiVwz yFJZGsn9Dib1OrHjWi5wHIuFt9MnR3qlwWJfJhDfuAUgwnwSXDZ6oXYDeI1uvGbu25DOTHUKRP4dQY9J RhLHu-AYgSuogHAq0gZ-q_NApb7rRC97fDjt-aW-vxyLt90mj1aLRon5K9w0oQF8phzU1f- BH_MmUyuWGuTPqy8bJNjLXnAmOSzSIFPwbdveOa_ozI9G2_rZPEckV5B6wpyInBbZXr1FaC25fJIREhG _tEKsZKd-s- CtjR_ifMh05BZUsXMcAsDxMUYdyZaeA0VHU0LdSeApYighHn5L5OrRHn5P6NbcBImhlPxr1z- zfp0IxcTwprkcDzVlDA-qZZbgfjrA9hXIBqPiPXTjnDq3GH6thqMIAouEHPCFYhlxD0xHJTsj-Y- BI1zI3EXywOefRpelXiRtKwV84UKL_ScRKU-bN3Tb2w- 24HTAehQEOsju2wNW3yoE8b5zie_BDC6MJBClxYsWXLqwAGwx4fNxa4ALHk6PhoGwqnlSjGfX4ncnKPu QNqI9GafF3CAVXZm6x68fJdOPsH5GF6NbjD5qqzhtMgp2XfLdB9zwVNadVxMfbP2Kke1hN8ZNKsNnGgX k2ncvOEd477-MfU0v4qWLJ41f68BCF6FGgREg4A2GL92hW- 09ckdc_ucJr_WPGtCGXe9YT8dbfYOAdrviBykMRmj7mv1QD1_DqdFhADZsBVhZYs- C3eKRbT3VoCZQkXGGrTYzd85ah0BBp2eFpiis2NJiFh4SjjUc5pvD9sOFLKSebm1s3JtphU6wApoZ2U6 Hq3YCL2EoGK7ug63NLy70seOVa7gj3EWixePVMz0Y7qvzE2Q_SJi7I69hpkH8VeiQELfycOOxKKkjiM6 QmOyevI7B6ukfg_XWQGCA- KVv6pPo_YDu4NVqWK3ROPo_hmwDrFQyvvdNY923hrUDdljxAeUdJgxfMlFh32OOK81zLbNs98lSApqWU H7bKTQu8i9nnEdQ3xlsudarjnzOz-VxRjdv9XTQ2J95QzG8-haP- JHRNT2nHWpJiTJERkx_Y6taSioIm8KihPHJkbNiuxDpUXV3pVY2UMYY_zOEs- YVryMfQYHmVThX96jfShZ702OPFCVtCC53G_SaniGDjSsRjiw- O5hVvO5zayBHFnRUicbcL9KK51fnuRtwLh_ZlErVX6DClg6nrXHtscAKFYeEKZo5PNbC3vQYE3brM0CF umuW2iV1z3hQsQyyyZV_QKLr0_LPbO2boM8CTLDwyVHq9fNIQSNiv_SsYRmyBGSUFNIaoQMApaxSS8yd Q9hUlqDGEg_0fIkQ-h3tc0V-F_rtU9QWYOsy5k- l5cAmgeZ094i3bb10vMY6XT9EBsc33TUd5ZHRkvl_KMU-GcnTOXN9Jo0IQATwoGYWYMJcxPTpeuR- C24r5m087yUXp7hrWoSvfuehTk5D_WBxr_-6q0ZnvhnfwSUccI5My8- hiJD402Mj0EQ2DcjrPbiRghwlZE5xVAqvPvyDVEqwi0meFcnGIrJuRepy6eZNfV2SE9Cj8VZZVo0- HCsryRxgoiyczVSNawq8rT1Jec5XIsBVc3j9jjexBOir96clTz9POsq2W_E6nO5Pc2E9TAfisSOGfLRh e3DxBhs-qClaNhqm1eOFLHQl4a_nT3qSWc7MMiB- tSMTVL12pfzIvwvNx8qTB4jftkmbTx0pqvvSz_7iulVeXWm7OjmINLzmVYU4be06iee_H9ztN5OdF7jt _vu3v0-vc2ucp07pXzm9Qt93Qw38sk9-vGuIZlbr5Cbs_DMf- RMfMvXkm9lM8O7MVqgY1X6oLj7lOp2HD2LA1Jwfi4Mg2M1sY1MLtnD1NhXgBrpBQY8JsvzXOqrvsU6DW A9cfeqc5gI5p7fSA0Dwgc4IfZAhh2Y_ZT01vmlbIi5RR530Ld0n_01If0Hxnyh74m3ydYDPSy8jhcZOM SqGpqxe6_6uP7EzoIBueZ0blwDsxKt6Pb97ufIqJXJV8LyUQD-5mGWnw) www.baltichorizon.com (https://www.globenewswire.com/Tracker?data=Dtx9Id7muXerMQ1fx3TF6_GNE2mtZ34oVhL_ FJxw05f-TCUD5oW2KOmFaD4cvul997bhl2lLrGtslNbDY4qCP2ReMEGOIy4gW- seug82g0_V6JQ8burbcurjE9ud6Z4m0jLlm7hRpj7sSvvDQgkfz9d0fMJiSq4Kw- qbhnUuMS3sh06423jNV5LLijZ3sFbCOr3FhGqfuWGRmpW3yLc26LOUIb6YuF1mNT90_oAVNjnTNnzTWC vOqbc65cBzuVdvoheQyB6IAtrByrEJiZP3a0OaK1c65_zaeOyZ1MC4Lu2ZMwSMZnm6vqjQzCyqTIYPWm v8bDwtFO9XZINDDBXLYLC7qRjDGVyoggYOyvTlpQAvfH6yAlZbkjYFGEYoyga_Uf2LQSEMNZqYDq9c3D LEnuo9pYib_3RY7B0B-GFilLK0Rchr2X5lWodZK6A84CJ89O1pepe6HdPR- TQJdvUz3QRnYEr43VDg9ogtu_RNRfC4NxUuPV-w94GVINXTSI459qJRUaaq_CDxK0xycLCcXx6zqQ- xz9yrQgK7yd_PmHXktXjDvUhk-DS-zsB-fBsgXOu3871Adtz804-0U1pZA3Cqg9pkPsBELPkG3Rb2- FfuKNOgGsjSUJ5CDKh_hF1T1JQsJVcCaF0dl9n_vbiNsTmnb1QQKfn83Af7g8cbcLCwUm- H6BP80dL2TfIsomEH4a7IC37E9UPxLQbw- 6ByZd6Fq74RY1TihN_77z36veUSPWhXOvLaG9FvoIOSFNDoJz5NwJdlh48pYKbPPAqzdwEfxdTaiNWfE LyzBoHAsXsfL2LlkBXSZLD7e- X78bTAJJeQUgOkho6TZjbIETFknRwHntipb0QtcIxC7BpfBTWVDsPD7225- IEHNhDLGy0VYNN1miPxrAf5HJBRVP1_kxIDqOYKz_0KjqV7ubg2Pdu- FJziuobe2ikb7eO76Kt2l4mhl4rbSTyGY3t4DcP2Oxb_- 5kmT7sK3mklxz61WSlpYyXuFKsvGj08AMVg9h0n8rodELl_gp31MP6ULSAod69EWVcNhYGF5kch4rimy XCZngsPhHidYNvksXQQtKOMQWFu0j9TpmAtzj- acf4i_oyX9BxNLsE0FM2RaVy17CoAjE6aefXh7zVkfGzZgZlEBRnDgR7n1n5WvfqFhiVzKV03RjvzrRW 81AfRBukT2klcwfjHlxlUdiqlm94c8HgtQxcEcxq9T7- Tp0YrZG7Bi1i1W631h8j6nuEP_LQ9lNURtRHCyUED- MTs4AfRTkfCxCLM0E89jb10YPhiQY_fizTGNQlTF7EDmBHiYk38TWP1uDLnt3hxTq7dUnmgR7rIeiGag 2YO6U0QT1PRp5DOuVUAJITZ0y54mtgua9VzvhRL0ddLhDIzdIF5k2Xj2HjzGUuDiMeKKY53E- XgEVg4RvwOwYrkaRJeZXy- gHU7LDTy9H0dYJ1oLlAVIVEzDke8igyRtkrInitvwuOMkLDog1b5WO7zhvDMK4VbHTcKljmUmQYk5bmc wZwBelSzOahpxsU- Pdi4mhnP5dxvWQ7iNsOLj6gKRH18CNTJU2I3utbTZhyFx3331HzmeC0A8EOBvIzjJH_Ju8AGQNC2CsgR y8uLVPfPNqhmc6ekxp_p2hRa9YfiAtLHuYrvBItJ7xuyninyJ6ugpBEsJSTzeLeeFE_5ymXvcjSFkkit s2W6LD9074zHwZ-Uhb3O7XtztCGlflSOj- BqPGzViznM8jwhgPGeFMVj64rrPnlULnOvvhYF7ZSUBtOaSP5fKJ1FQH8ltAGnrh40sRAoAlZ7OqJvCK hiWOzOK8oNNmxXShg89nRFFfEaBbSwRI_rjgkp4u9p4lJA4f9kwzxOhSm4AiTW4U1y76RDMyB0hcS03K iocI2yg-I-PBxsKRm5Bj7K5ZvidctxwD2FpBm3TD9EwpXn-tkRnJGQcN- fQxNdo1NPt_yVlW1J2G7u05sdB0DNdAkH9vqE4ozM-gslmsMiisS4yuc9bKz- Rxvle5ony2YJ2hlU_v8IXvl324x9g) 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
Content of announcement in English
Title
Baltic Horizon Fund publishes its NAV for June 2020
Message
Net asset value (NAV) of Baltic Horizon Fund (the Fund) unit as at end of June 2020 amounted to 1.2169 EUR per unit. Compared to the previous month, NAV decreased by -9.57%. The NAV was negatively affected by a decrease in values of investment properties and negative cash flow hedge reserve movement during the month. The negative impact on the NAV was partially offset by a positive result from operating activities. The Fund's unaudited consolidated net loss amounted to 14.5 million in June 2020. As of 30 June 2020, the fair value of the Baltic Horizon Fund portfolio decreased to EUR 345.5 million (31 December 2019: 358.9 million). In June 2020, the portfolio valuation resulted in a fair value loss of EUR 15.7 million (- 4.36% of property portfolio) primarily due to the impact of COVID-19 on the real estate industry. The portfolio valuation is based on the valuations conducted by an independent real estate appraiser Newsec Baltics as of 30 June 2020. Fair values of investment properties in the portfolio decreased mainly due to downward adjustments to valuation assumptions resulting from the uncertainty associated with the pandemic. The change in the portfolio valuation was primarily influenced by higher discount rate assumptions and lower cash flow projections compared to the previous valuations. Discount rates for the majority of the portfolio were raised by 0.3% to reflect the expected increase in the cost of debt. Operating cash flow projections of the portfolio were lowered as a result of a decrease in EU and Baltic consumer price index level projections and increased vacancy assumptions during the years 2020-2022. Exit yields remained the same compared to 2019 valuations due to a lack of comparable market deals during COVID-19 lockdown. The summary of property valuations will be published on the Fund`s webpage. More information will be provided in the semi-annual report. The Management Company of the Fund will continue to actively monitor the economic impact of the COVID-19 pandemic and reassess the potential impact on the Fund's results. At the end of June 2020, the Fund had a sufficient amount of cash (EUR 7.1 million) to cover its liquidity needs amid the COVID-19 pandemic. Additional information: Tarmo Karotam Baltic Horizon Fund manager E-mail [email protected] (https://www.globenewswire.com/Tracker?data=uMlftpVUP59vcFGbVHHzr_KcjChy3SCrD- dLLbKTf0tYKkwB7G6reju32f7rd8ox82AC6Fn9dBPVvf3Ds42Jh3HUJLP5jcLLX8sWJsVvChk=) www.baltichorizon.com (https://www.globenewswire.com/Tracker?data=GSQVye1bgzTst_zGKIpP26VIk1zPIzIgVMWj ti3i1cf-4E0NoN4fd-0Tfskl1CsTlTHoZAL_uWoEIZ8vsfyPcNQbnnYeu2x_1pKetGZPyYM=) 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. Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com