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
8659
Attachments
Submission date and time
19.03.2021 23:58:00
Content of announcement in Estonian
Title
BALTIC HORIZON FONDI 2020. AASTA KONSOLIDEERITUD NING AUDITEERITUD MAJANDUSTULEMUSED
Message
Northern Horizon Capital AS-i juhatus on kinnitanud Baltic Horizon Fondi (fond)
2020. aasta auditeeritud majandustulemused. Finantstulemused jäid samaks,
võrreldes esialgse avalikustamisega 15. veebruaril 2021.
Väljamaksed osakuomanikele Fondi 2020. aasta tulemuste eest
Fond kuulutas 2020. aasta äritegevuse tulemuste eest välja rahalisi väljamakseid
kogusummas 7 829 tuhat eurot (1 701 tuhat eurot 2020. aasta I kvartali, 1 701
tuhat eurot 2020. aasta II kvartali, 3 111 tuhat eurot 2020. aasta III kvartali
ja 1 316 tuhat eurot 2020. aasta IV kvartali tulemuste eest). 2020. aasta
äritegevuse tulemuste eest tehtud väljamaksete ja Tallinna börsi 31. detsembri
2020 sulgemishinna alusel oli osakute 2020. aasta bruto dividenditootlus 5,8%.
Ebakindla keskkonna tõttu vähendatud rahalised väljamaksed kasvatasid 2020.
aasta lõpuks väljamakstava dividendi reservi 4,4 miljoni euroni.
Puhaskasum ja puhas renditulu
Kontsern lõpetas 2020. aasta puhaskahjumiga summas 13,5 miljonit eurot, 2019.
aasta lõppes puhaskasumiga summas 8,8 miljonit eurot. 2020. aasta tulemile
avaldas olulist mõju 2020. aasta juunis ja detsembris kajastatud hindamiskahjum
kogusummas 25,2 miljonit eurot. Kinnisvarainvesteeringute õiglase väärtuse
muutusest tingitud kahjumi negatiivset mõju tasakaalustas osaliselt puhta
renditulu ja muu äritulu suurenemine ning mõningane halduskulude vähenemine.
Hindamise mõju arvesse võtmata oleks 2020. aasta puhaskasum olnud 11,7 miljonit
eurot (2019: 10,9 miljonit eurot). 2020. aasta kahjum osaku kohta oli 0,12 eurot
(2019: kasum osaku kohta 0,09 eurot). Kinnisvarainvesteeringute õiglase väärtuse
muutuse mõju arvesse võtmata oleks kasum osaku kohta olnud 0,10 eurot (2019:
0,11 eurot).
2020. aastal teenis kontsern 19,9 miljonit eurot puhast renditulu, 0,7 miljonit
eurot ehk 3,7% rohkem kui eelmisel aastal (2019: 19,2 miljonit eurot). Kasv
saavutati tänu uutele, 2019. aastal kaasatud kapitali abil omandatud
kinnisvarainvesteeringutele. Galerija Centrsi ostukeskuse ja North Stari
ärikeskuse omandamine mõjutas kontserni puhta renditulu kasvu võrreldes 2019.
aastaga oluliselt ja seda hoolimata sellest, et 2020. aasta II-IV kvartalis
puhta renditulu kasv aeglustus, sest rentnikele tehti COVID-19 pandeemia tõttu
soodustusi. Galerija Centrsi lisandumine suurendas 2020. aasta puhast renditulu
3,0 miljoni euro võrra ja North Stari lisandumine 1,4 miljoni euro võrra.
2020. aasta puhas renditulu jagunes segmentide vahel järgmiselt: büroo 55,8%
(2019: 50,8%), kaubandus 40,1% (2019: 43,8%) ja vaba aeg 4,1% (2019: 5,4%).
Keskses äripiirkonnas asuvate ostukeskuste (Postimaja, Europa ja Galerija
Centrsi) teenitud renditulu moodustas 29,2% Fondi portfelli 2020. aasta puhtast
renditulust. Elurajoonides asuvate ostukeskuste teenitud 2020. aasta puhas
renditulu moodustas 10,9%.
Varade brutoväärtus (Gross Asset Value ehk GAV)
2020. aasta detsembri lõpuks kahanes Fondi varade brutoväärtus aasta algusega
võrreldes 4,3% ehk 355,6 miljoni euroni (31. detsember 2019: 371,7 miljonit
eurot). Vähenemise peamine põhjus oli kinnisvarainvesteeringute ümberhindamisest
tekkinud kahjum, mis moodustas 25,2 miljonit eurot. Fond kavatseb Meraki
büroohoone ehitust 2021. aastal jätkata. Fondivalitseja jälgib pandeemia
majandusmõju ja tagab piisava likviidsustaseme ehituse ajal.
Varade puhasväärtus (Net Asset Value ehk NAV)
Fondi varade puhasväärtus vähenes ja oli 2020. aasta detsembri lõpu seisuga
136,3 miljonit eurot (31. detsember 2019: 152,5 miljonit eurot). Puhasväärtust
vähendas kinnisvarainvesteeringute portfelli ümberhindlus, mida mõjutas COVID-
19 pandeemia tõttu turul valitsev suur ebakindlus. Fondi varade puhasväärtus
vähenes võrreldes eelmise aasta lõpuga 10,6%. Perioodi positiivseid
tegevustulemusi tasakaalustasid kinnisvarainvesteeringute õiglase väärtuse
muutusest tingitud kahjum summas 25,2 miljonit eurot, osakuomanikele tehtud
väljamaksed summas 9,7 miljonit eurot ja rahavoo riskimaandamise reservi
negatiivne muutus summas 0,1 miljonit eurot. Seisuga 31. detsember 2020 oli
osaku puhasväärtus 1,1395 eurot (31. detsember 2019: 1,3451 eurot) ning EPRA
puhas materiaalne põhivara ja EPRA puhas taastamisväärtus oli 1,2219 eurot (31.
detsember 2019: 1,4333 eurot) osaku kohta. EPRA puhas võõrandamisväärtus oli
1,1435 eurot (31. detsember 2019: 1,3400 eurot) osaku kohta.
Kinnisvarainvesteeringud
Baltic Horizon fondi portfelli kuulub 15 Balti riikide pealinnades asuvat
rahavooga kinnisvarainvesteeringut ja üks lõpetamata kinnisvarainvesteering
Meraki maatükil. 2020. aasta lõpus oli Fondi portfelli õiglane väärtus 340,0
miljonit eurot (31. detsember 2019: 358,9 miljonit eurot) ja renditavat
netopinda oli kokku 153 345 ruutmeetrit.
Kinnisvarainvesteeringute portfelli õiglase väärtuse muutusest tingitud kahjum
oli 2020. aastal 25,2 miljonit eurot (2019: 2,1 miljonit eurot). Tulemustele
avaldas negatiivset mõju peamiselt hindamiseelduste negatiivsemaks
korrigeerimine, mille tingis koroonapandeemiaga seotud ebakindlus. Kuna viiruse
tõttu valitseb globaalsel turul ebakindlus, märgiti hindamistulemuste esitamisel
ära, et valitseb ?oluline hindamisebakindlus". 2020. aasta investeeris kontsern
2,1 miljonit eurot olemasolevasse kinnisvarainvesteeringute portfelli ja 4,2
miljonit eurot Meraki arendusprojekti.
Intressikandvad laenukohustised ja võlakirjad
Intressikandvad laenud ja võlakirjad (ei sisalda rendikohustisi) püsisid
sarnasel tasemel kui 31. detsembril 2019 ja moodustasid 205,6 miljonit eurot
(31. detsember 2019: 205,8 miljonit eurot). Pangalaenukohustised vähenesid pisut
laenuamortisatsiooni tõttu. Aastane laenuamortisatsioon moodustab 0,2% kogu
tasumata jäägist.
Rahavood
2020. aasta äritegevuse rahavoog oli positiivne summas 16,1 miljonit eurot
(2019: positiivne summas 16,4 miljonit eurot). Investeerimistegevuse rahavoog
oli olemasolevatesse kinnisvarainvesteeringutesse tehtud täiendavate
investeeringute ja Meraki arendusprojekti tehtud investeeringute tõttu
negatiivne summas 4,3 miljonit eurot (2019: negatiivne summas 78,2 miljonit
eurot). Finantseerimistegevuse rahavoog oli negatiivne summas 8,3 miljonit eurot
(2019: positiivne summas 59,4 miljonit eurot). 2020. aastal tegi Fond neli
rahalist väljamakset summas 9,7 miljonit eurot ja maksis pangalaenudelt ja
võlakirjadelt regulaarseid intresse. 2020. aasta detsembri lõpus oli Fondil raha
ja raha ekvivalente summas 13,3 miljonit eurot (31. detsember 2019: 9,8 miljonit
eurot), mis näitab piisavat likviidsust ja finantspaindlikkust.
Peamised kasumi näitajad
Tuhandetes
eurodes 2020 2019 Muutus (%)
----------------------------------------------------------------------------
Puhas renditulu 19 934 19 219 3,7%
----------------------------------------------------------------------------
Halduskulud -2 918 -3 251 -10,2%
----------------------------------------------------------------------------
Muu äritulu 204 26 684,6%
----------------------------------------------------------------------------
Kinnisvarainvesteeringute ümberhindluse
kahjum -25 245 -2 064 1 123,1%
----------------------------------------------------------------------------
Ärikahjum/-kasum -8 025 13 930 -157,6%
----------------------------------------------------------------------------
Finantstulud ja -kulud
(neto) -5 521 -4 713 17,1%
----------------------------------------------------------------------------
Maksueelne kahjum/kasum -13 546 9 217 -247,0%
----------------------------------------------------------------------------
Tulumaks 5 -426 -101,2%
----------------------------------------------------------------------------
Perioodi puhaskahjum/-
kasum -13 541 8 791 -254,0%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Ringluses olevate osakute kaalutud
keskmine arv 114 568 636 96 718 348 18,5%
----------------------------------------------------------------------------
Kahjum/kasum osaku kohta
(eurodes) -0,12 0,09 -233,3%
----------------------------------------------------------------------------
Peamised finantsseisundi näitajad
Tuhandetes
eurodes 31.12.2020 31.12.2019 Muutus (%)
-------------------------------------------------------------------------------
Kasutuses olevad
kinnisvarainvesteeringud 334 518 356 575 -6,2%
-------------------------------------------------------------------------------
Lõpetamata kinnisvarainvesteeringud 5 474 2 367 131,3%
-------------------------------------------------------------------------------
Varade brutoväärtus (GAV) 355 602 371 734 -4,3%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Intressikandvad laenud ja
võlakirjad 205 604 205 827 -0,1%
-------------------------------------------------------------------------------
Kohustised kokku 219 281 219 216 0,0%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
IFRS Varade puhasväärtus (IFRS
NAV) 136 321 152 518 -10,6%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute arv 119 635 429 113 387 525 5,5%
-------------------------------------------------------------------------------
Osaku puhasväärtus (eurodes) - IFRS 1,1395 1,3451 -15,3%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Laenu tagatuse suhtarv (%) 60,5% 57,3% -
-------------------------------------------------------------------------------
Keskmine sisemine intressimäär
(%) 2,6% 2,6% -
-------------------------------------------------------------------------------
Kinnisvarainvesteeringute tootlus
Fondi kinnisvarainvesteeringute portfelli keskmine tegelik täitumuse määr oli
2020. aastal 95,8% (2019: 97,5%). Kõiki rendigarantiisid arvesse võttes oli
sisemine täitumuse määr 95,8% (2019: 97,5%). Seisuga 31. detsember 2020 oli
täitumuse määr 94,3% (31. detsember 2019: 98,3%). Kaubandussegmendis täitumuse
määrad vähenesid, sest Europa ostukeskuses, Pirita ostukeskuses ja Galerija
Centrsis vakants suurenes. Büroosegmendi täitumuse määrad on jätkuvalt tugevad,
kuigi Leedu maksuamet vabastas osa oma pinnast North Stari ärikeskuses, mis
avaldas täitumusele vähest negatiivset mõju. Keskmine otsene tootlus oli 2020.
aastal 5,8% (2019: 6,6%) ja esmane puhastootlus 5,7% (2019: 6,3%). Vähenemise
peamisteks põhjusteks olid valitsuste kehtestatud liikumispiirangud ja
rendisoodustused, mida Fond tegi rentnikele, kelle tegevust piirangud mõjutasid.
Portfelli keskmine rendihind oli 2020. aastal 12,1 eurot ruutmeetri kohta.
Õiglane
Kinnisvarainvesteering Segment väärtus(1) Renditav Esmane
(tuhandetes netopind Otsene puhas- Täitumuse
eurodes) (m(2)) tootlus(2) tootlus(3) määr
--------------------------------------------------------------------------------------
Vilnius, Leedu
--------------------------------------------------------------------------------------
Duetto I Büroo 16 419 8 587 7,8% 7,1% 100,0%
--------------------------------------------------------------------------------------
Duetto II Büroo 18 765 8 674 7,3% 7,2% 100,0%(4)
--------------------------------------------------------------------------------------
Europa ostukeskus Kaubandus 38 811 16 856 4,5% 4,2% 89,5%
--------------------------------------------------------------------------------------
Domus Pro ostukeskus Kaubandus 16 090 11 247 7,0% 6,7% 100,0%
--------------------------------------------------------------------------------------
Domus Pro ärikeskus Büroo 7 590 4 831 8,3% 7,0% 100,0%
--------------------------------------------------------------------------------------
North Star ärikeskus Büroo 19 133 10 550 6,8% 7,2% 86,3%
--------------------------------------------------------------------------------------
Meraki maa 5 474 - - -
--------------------------------------------------------------------------------------
Vilniuses kokku 122 282 60 745 6,4% 6,1% 94,7%
--------------------------------------------------------------------------------------
Riia, Läti
--------------------------------------------------------------------------------------
Upmalas Biroji Büroo
bürookompleks 23 474 10 458 7,0% 7,0% 100,0%
--------------------------------------------------------------------------------------
Vainodes I Büroo 19 970 8 052 6,9% 7,0% 100,0%
--------------------------------------------------------------------------------------
LNK Centre Büroo 16 060 7 453 6,4% 6,5% 100,0%
--------------------------------------------------------------------------------------
Sky ostukeskus Kaubandus 4 970 3 254 8,0% 8,2% 98,3%
--------------------------------------------------------------------------------------
Galerija Centrs Kaubandus 67 446 20 022 4,0% 4,1% 85,1%
--------------------------------------------------------------------------------------
Riias kokku 131 920 49 239 5,4% 5,5% 93,8%
--------------------------------------------------------------------------------------
Tallinn, Eesti
--------------------------------------------------------------------------------------
Postimaja ja CC Plaza Kaubandus 29 770 9 145 3,2% 3,5% 95,6%
--------------------------------------------------------------------------------------
Postimaja ja CC Plaza Vaba aeg 14 170 8 664 6,9% 5,6% 100,0%
--------------------------------------------------------------------------------------
G4S-i peahoone Büroo 16 160 9 179 7,9% 7,2% 100,0%
--------------------------------------------------------------------------------------
Lincona Büroo 16 110 10 865 7,7% 7,1% 90,3%
--------------------------------------------------------------------------------------
Pirita ostukeskus Kaubandus 9 580 5 508 5,5% 7,0% 81,9%
--------------------------------------------------------------------------------------
Tallinnas kokku 85 790 43 361 5,6% 5,6% 94,3%
--------------------------------------------------------------------------------------
Portfell kokku 339 992 153 345 5,8% 5,7% 94,3%
--------------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 31. detsember 2020 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 2020 2019
-------------------------------------------------------------------------------
Renditulu 21 697 20 776
-------------------------------------------------------------------------------
Teenustasutulu 4 990 4 525
-------------------------------------------------------------------------------
Renditegevuse kulud -6 753 -6 082
-------------------------------------------------------------------------------
Puhas renditulu 19 934 19 219
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Halduskulud -2 918 -3 251
-------------------------------------------------------------------------------
Muu äritulu 204 26
-------------------------------------------------------------------------------
Kinnisvarainvesteeringute ümberhindluse kahjum -25 245 -2 064
-------------------------------------------------------------------------------
Ärikahjum/-kasum -8 025 13 930
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Finantstulud 3 5
-------------------------------------------------------------------------------
Finantskulud -5 524 -4 718
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -5 521 -4 713
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Maksueelne kahjum/kasum -13 546 9 217
-------------------------------------------------------------------------------
Tulumaks 5 -426
-------------------------------------------------------------------------------
Perioodi kahjum/kasum -13 541 8 791
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav
muu koondkasum/-kahjum
-------------------------------------------------------------------------------
Rahavoogude riskimaandamise puhaskahjum -108 -595
-------------------------------------------------------------------------------
Rahavoogude riskimaandamise puhaskahjumiga seotud
tulumaks 3 44
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav
tulumaksujärgne muu
koondkahjum kokku -105 -551
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkahjum/?kasum kokku -13 646 8 240
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava- ja lahustatud kahjum/kasum osaku kohta
(eurodes) -0,12 0,09
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 31.12.2020 31.12.2019
----------------------------------------------------------------
Põhivarad
----------------------------------------------------------------
Kinnisvarainvesteeringud 334 518 356 575
----------------------------------------------------------------
Lõpetamata kinnisvarainvesteeringud 5 474 2 367
----------------------------------------------------------------
Materiaalsed põhivarad 2 -
----------------------------------------------------------------
Tuletisinstrumendid - 73
----------------------------------------------------------------
Muud põhivarad 22 54
----------------------------------------------------------------
Põhivarad kokku 340 016 359 069
----------------------------------------------------------------
----------------------------------------------------------------
Käibevarad
----------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 1 901 1 794
----------------------------------------------------------------
Ettemaksed 352 301
----------------------------------------------------------------
Muud käibevarad - 734
----------------------------------------------------------------
Raha ja raha ekvivalendid 13 333 9 836
----------------------------------------------------------------
Käibevarad kokku 15 586 12 665
----------------------------------------------------------------
Varad kokku 355 602 371 734
----------------------------------------------------------------
----------------------------------------------------------------
Omakapital
----------------------------------------------------------------
Sissemakstud kapital 145 200 138 064
----------------------------------------------------------------
Rahavoogude riskimaandamise reserv -1 661 -1 556
----------------------------------------------------------------
Jaotamata kahjum/kasum -7 218 16 010
----------------------------------------------------------------
Omakapital kokku 136 321 152 518
----------------------------------------------------------------
----------------------------------------------------------------
Pikaajalised kohustised
----------------------------------------------------------------
Intressikandvad võlakohustised 195 670 205 718
----------------------------------------------------------------
Edasilükkunud tulumaksukohustised 6 009 6 199
----------------------------------------------------------------
Tuletisinstrumendid 1 736 1 728
----------------------------------------------------------------
Muud pikaajalised kohustised 1 026 1 298
----------------------------------------------------------------
Pikaajalised kohustised kokku 204 441 214 943
----------------------------------------------------------------
----------------------------------------------------------------
Lühiajalised kohustised
----------------------------------------------------------------
Intressikandvad võlakohustised 10 222 414
----------------------------------------------------------------
Võlad tarnijatele ja muud võlad 3 640 3 171
----------------------------------------------------------------
Tulumaksukohustis 1 8
----------------------------------------------------------------
Tuletisinstrumendid 27 -
----------------------------------------------------------------
Muud lühiajalised kohustised 950 680
----------------------------------------------------------------
Lühiajalised kohustised kokku 14 840 4 273
----------------------------------------------------------------
Kohustised kokku 219 281 219 216
----------------------------------------------------------------
Omakapital ja kohustised kokku 355 602 371 734
----------------------------------------------------------------
Lisainformatsiooni saamiseks palume kontakteeruda:
Tarmo Karotam
Baltic Horizon Fond, fondijuht
E-mail [email protected]
www.baltichorizon.com
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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
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HQIAdSIR5tPWcqSDokEeCgx7HIKXZXH345wV6Er567wGRVoGAXoDaBTlnlh87CD4okHs2P3321VHhQPw
NNuCVKDY2quqT3oev47IALrwiipT__3yj97mS6E_N_pgNjvi_itwU1kTfroyhj6xGWL7Vox1lzupv66z
YtNNqladBdfVA_sgAH2__w2UV7xOtuDivSD422InY37FmeaStECx5PlTklg7BzPEmUvfen3T3OkBdKWl
aG8tvTvNoMyOp3GzzIcCcGxNVilbyQLh8IclPkx0Ssay8h0x6fHDB12TTVyrIHs6ZBaTcXjZHK8sRHTm
DuwW_184ZusnTSCDjSz9vFJ2_AwwxvKKHiLT0RfSVmp0AjnOLj4-
9_kce4TuTdHd0XxWX_JrROI0lPEk2PH3gb5ppCz2sEpe8K02VLx4YaY930mgGtM3qPg1quDfydF85yPj
WpGAIWQatd1bzbIDA8)
Käesolev teade sisaldab informatsiooni, mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukuritarvituse määruse kohaselt. Informatsioon esitati
avaldamiseks 19.03.2021 kell 23:10 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Content of announcement in English
Title
Baltic Horizon Fund Consolidated Audited Results for 2020
Message
Management Board of Northern Horizon Capital AS has approved the audited
financial results of Baltic Horizon Fund (the Fund) for the year 2020. The
financial results remained unchanged compared to the preliminary disclosure on
15 February 2021.
Distributions to unitholders for 2020 Fund results
In total, the Fund declared a cash distribution of EUR 7,829 thousand from the
operating results of 2020 (EUR 1,701 thousand from Q1 2020, EUR 1,701 thousand
from Q2 2020, EUR 3,111 thousand from Q3 2020 and EUR 1,316 thousand from Q4
2020). Dividends for the operating results of 2020 correspond to a gross yield
of 5.8% based on the closing price on the Nasdaq Tallinn Stock Exchange at 31
December 2020. The reduced cash distributions due to uncertain environment
increased the Fund's unpaid dividend reserve to EUR 4,4 million by the end of
2020.
Net profit and net rental income
The Group recorded a net loss of EUR 13.5 million for 2020 against a net profit
of EUR 8.8 million for 2019. The net result was significantly impacted by the
negative valuation result of EUR 25.2 million recognised in June and December
2020. The negative impact of valuation losses on investment properties was
partially offset by an increase in net rental income, other operating income and
a slight decrease in administrative expenses. Excluding the valuation impact on
the net result, net profit for 2020 would have amounted to EUR 11.7 million
(2019: EUR 10.9 million). Earnings per unit for 2020 were negative at EUR 0.12
(2019: positive EUR 0.09). Earnings per unit excluding valuation losses on
investment properties would have amounted to EUR 0.10 (2019: EUR 0.11).
In 2020, the Group earned net rental income of EUR 19.9 million exceeding the
previous year's net rental income by EUR 0.7 million or 3.7% (2019: 19.2
million). The increase was achieved through new acquisitions that were made
following the capital raisings in 2019. The acquisition of Galerija Centrs and
North Star had a significant effect on the Group's net rental income growth in
2020 as compared to 2019, albeit rental income growth in Q2-Q4 2020 was slower
due to the relief measures granted to tenants during the COVID-19 pandemic. The
addition of Galerija Centrs added EUR 3.0 million to the net rental income
during 2020, while North Star added EUR 1.4 million.
Portfolio properties in the office segment contributed 55.8% (2019: 50.8%) of
net rental income in 2020 followed by the retail segment with 40.1% (2019:
43.8%) and the leisure segment with 4.1% (2019: 5.4%).
During 2020, investment properties in Latvia and Lithuania contributed 38.3%
(2019: 37.2%) and 36.4% (2019: 35.0%) of net rental income respectively, while
investment properties in Estonia contributed 25.3% (2019: 27.8%).
Gross Asset Value (GAV)
By the end of December 2020, the GAV decreased to EUR 355.6 million (31 December
2019: EUR 371.7 million) which was a drop of 4.3% over 2020. The decrease is
mainly related to the negative property revaluation of EUR 25.2 million. The
Fund aims to carry on with the construction of the Meraki office building
throughout 2021. The Management Company will continue to actively monitor the
economic impact of the pandemic and ensure sufficient liquidity levels during
the construction period.
Net Asset Value (NAV)
By the end of December 2020, the Fund's net asset value (NAV) decreased to EUR
136.3 million (31 December 2019: EUR 152.5 million) as a result of the negative
portfolio revaluation which was impacted by the high market uncertainty
surrounding the COVID-19 pandemic. Compared to the year-end 2019 NAV, the Fund's
NAV decreased by 10.6%. Positive operational performance over the period was
offset by EUR 25.2 million valuation losses, EUR 9.7 million dividend
distributions to the unitholders and a negative cash flow hedge reserve movement
of EUR 0.1 million. At 31 December 2020, IFRS NAV per unit stood at EUR 1.1395
(31 December 2019: EUR 1.3451), while EPRA net tangible assets and EPRA net
reinstatement value were EUR 1.2219 per unit (31 December 2019: EUR 1.4333).
EPRA net disposal value was EUR 1.1435 per unit (31 December 2019: EUR 1.3400).
Investment properties
The Baltic Horizon Fund portfolio consists of 15 cash flow investment properties
in the Baltic capitals and an investment property under construction on the
Meraki land plot. At the end of 2020, the fair value of the Fund's portfolio was
EUR 340.0 million (31 December 2019: EUR 358.9 million) and incorporated a total
net leasable area of 153,345 sq. m.
The valuation losses on the property portfolio came to EUR 25.2 million during
2020 (2019: EUR 2.1 million). Valuations were negatively affected primarily due
to downward adjustments to valuation assumptions resulting from the uncertainty
associated with the COVID-19 pandemic. Due to global market uncertainty caused
by the virus, valuations were reported on the basis of "material valuation
uncertainty". During 2020, the Group invested EUR 2.1 million in the existing
property portfolio and an additional EUR 4.2 million in the Meraki development
project.
Interest bearing loans and bonds
Interest bearing loans and bonds (excluding lease liabilities) remained at a
similar level of EUR 205.6 million compared to year-end 2019 figures (31
December 2019: EUR 205.8 million). Outstanding bank loans decreased slightly due
to regular bank loan amortisation. Annual loan amortisation accounts for 0.2% of
total debt outstanding.
Cash flow
Cash inflow from core operating activities for 2020 amounted to EUR 16.1 million
(2019: cash inflow of EUR 16.4 million). Cash outflow from investing activities
was EUR 4.3 million (2019: cash outflow of EUR 78.2 million) due to subsequent
capital expenditure on existing portfolio properties and investments in the
Meraki development project. Cash outflow from financing activities was EUR 8.3
million (2019: cash inflow of EUR 59.4 million). During 2020, the Fund made four
cash distributions of EUR 9.7 million and paid regular interest on bank loans
and bonds. At the end of December 2020, the Fund's consolidated cash and cash
equivalents amounted to EUR 13.3 million (31 December 2019: EUR 9.8 million)
which demonstrates sufficient liquidity and financial flexibility.
Key earnings figures
EUR '000 2020 2019 Change (%)
-------------------------------------------------------------------------------
Net rental income 19,934 19,219 3.7%
-------------------------------------------------------------------------------
Administrative expenses (2,918) (3,251) (10.2%)
-------------------------------------------------------------------------------
Other operating income 204 26 684.6%
-------------------------------------------------------------------------------
Valuation losses on investment properties (25,245) (2,064) 1,123.1%
-------------------------------------------------------------------------------
Operating (loss)
profit (8,025) 13,930 (157.6%)
-------------------------------------------------------------------------------
Net financing costs (5,521) (4,713) 17.1%
-------------------------------------------------------------------------------
(Loss) profit before
tax (13,546) 9,217 (247.0%)
-------------------------------------------------------------------------------
Income tax 5 (426) (101.2%)
-------------------------------------------------------------------------------
Net (loss) profit for the
period (13,541) 8,791 (254.0%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Weighted average number of units
outstanding (units) 114,568,636 96,718,348 18.5%
-------------------------------------------------------------------------------
Earnings per unit (EUR) (0.12) 0.09 (233.3%)
-------------------------------------------------------------------------------
Key financial position figures
EUR '000 31.12.2020 31.12.2019 Change (%)
--------------------------------------------------------------------------
Investment properties in use 334,518 356,575 (6.2%)
--------------------------------------------------------------------------
Investment property under
construction 5,474 2,367 131.3%
--------------------------------------------------------------------------
Gross asset value (GAV) 355,602 371,734 (4.3%)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Interest bearing loans and
bonds 205,604 205,827 (0.1%)
--------------------------------------------------------------------------
Total
liabilities 219,281 219,216 0.0%
--------------------------------------------------------------------------
--------------------------------------------------------------------------
IFRS Net asset value (IFRS NAV) 136,321 152,518 (10.6%)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Number of units outstanding
(units) 119,635,429 113,387,525 5.5%
--------------------------------------------------------------------------
IFRS Net asset value (IFRS NAV) per
unit (EUR) 1.1395 1.3451 (15.3%)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Loan-to-Value ratio (%) 60.5% 57.3% -
--------------------------------------------------------------------------
Average effective interest rate
(%) 2.6% 2.6% -
--------------------------------------------------------------------------
During 2020, the average actual occupancy of the portfolio was 95.8% (2019:
97.5%). Taking into account all rental guarantees, the effective occupancy rate
was 95.8% (2019: 97.5%). Occupancy rate as of 31 December 2020 was 94.3% (31
December 2019: 98.3%). Occupancy rates in the retail segment decreased because
of additional vacancies in Europa SC, Pirita SC and Galerija Centrs. Occupancy
rates in the office segment still remain strong albeit Lithuania Tax
Inspectorate vacated part of their premises in North Star resulting in a minor
negative effect on the occupancy levels. Average direct property yield during
2020 was 5.8% (2019: 6.6%). The net initial yield for the whole portfolio for
2020 was 5.7% (2019: 6.3%). The decrease is mainly related to the lockdowns and
additionally granted rent concessions to tenants whose operations were
restricted by government regulations. The average rent rate for the whole
portfolio for 2020 was EUR 12.1 per sq. m.
Overview of the Fund's investment properties as of 31 December 2020
Fair Direct Net
Property name Sector value(1) NLA property initial Occupancy
(EUR '000) (sq. m) yield(2) yield(3) rate
-------------------------------------------------------------------------------
Vilnius,
Lithuania
-------------------------------------------------------------------------------
Duetto I Office 16,419 8,587 7.8% 7.1% 100.0%
-------------------------------------------------------------------------------
Duetto II Office 18,765 8,674 7.3% 7.2% 100.0%(4)
-------------------------------------------------------------------------------
Europa SC Retail 38,811 16,856 4.5% 4.2% 89.5%
-------------------------------------------------------------------------------
Domus Pro Retail
Retail Park 16,090 11,247 7.0% 6.7% 100.0%
-------------------------------------------------------------------------------
Domus Pro Office
Office 7,590 4,831 8.3% 7.0% 100.0%
-------------------------------------------------------------------------------
North Star Office 19,133 10,550 6.8% 7.2% 86.3%
-------------------------------------------------------------------------------
Meraki Land 5,474 - - -
-------------------------------------------------------------------------------
Total Vilnius 122,282 60,745 6.4% 6.1% 94.7%
-------------------------------------------------------------------------------
Riga, Latvia
-------------------------------------------------------------------------------
Upmalas Biroji Office
BC 23,474 10,458 7.0% 7.0% 100.0%
-------------------------------------------------------------------------------
Vainodes I Office 19,970 8,052 6.9% 7.0% 100.0%
-------------------------------------------------------------------------------
LNK Centre Office 16,060 7,453 6.4% 6.5% 100.0%
-------------------------------------------------------------------------------
Sky SC Retail 4,970 3,254 8.0% 8.2% 98.3%
-------------------------------------------------------------------------------
Galerija Centrs Retail 67,446 20,022 4.0% 4.1% 85.1%
-------------------------------------------------------------------------------
Total Riga 131,920 49,239 5.4% 5.5% 93.8%
-------------------------------------------------------------------------------
Tallinn,
Estonia
-------------------------------------------------------------------------------
Postimaja & CC Retail
Plaza complex 29,770 9,145 3.2% 3.5% 95.6%
-------------------------------------------------------------------------------
Postimaja & CC Leisure
Plaza complex 14,170 8,664 6.9% 5.6% 100.0%
-------------------------------------------------------------------------------
G4S Office
Headquarters 16,160 9,179 7.9% 7.2% 100.0%
-------------------------------------------------------------------------------
Lincona Office 16,110 10,865 7.7% 7.1% 90.3%
-------------------------------------------------------------------------------
Pirita SC Retail 9,580 5,508 5.5% 7.0% 81.9%
-------------------------------------------------------------------------------
Total Tallinn 85,790 43,361 5.6% 5.6% 94.3%
-------------------------------------------------------------------------------
Total portfolio 339,992 153,345 5.8% 5.7% 94.3%
-------------------------------------------------------------------------------
1. Based on the latest valuation as at 31 December 2020 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 2020 2019
-------------------------------------------------------------------------------
Rental income 21,697 20,776
-------------------------------------------------------------------------------
Service charge income 4,990 4,525
-------------------------------------------------------------------------------
Cost of rental activities (6,753) (6,082)
-------------------------------------------------------------------------------
Net rental income 19,934 19,219
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Administrative expenses (2,918) (3,251)
-------------------------------------------------------------------------------
Other operating income 204 26
-------------------------------------------------------------------------------
Valuation losses on investment properties (25,245) (2,064)
-------------------------------------------------------------------------------
Operating (loss) profit (8,025) 13,930
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Financial income 3 5
-------------------------------------------------------------------------------
Financial expenses (5,524) (4,718)
-------------------------------------------------------------------------------
Net financing costs (5,521) (4,713)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
(Loss) profit before tax (13,546) 9,217
-------------------------------------------------------------------------------
Income tax charge 5 (426)
-------------------------------------------------------------------------------
(Loss) profit for the period (13,541) 8,791
-------------------------------------------------------------------------------
Other comprehensive income that is or may be
reclassified to profit or loss in subsequent
periods
-------------------------------------------------------------------------------
Net loss on cash flow hedges (108) (595)
-------------------------------------------------------------------------------
Income tax relating to net loss on cash flow
hedges 3 44
-------------------------------------------------------------------------------
Other comprehensive expense, net of tax, that is
or may be reclassified to profit or loss in
subsequent periods (105) (551)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive (expense) income for the
period, net of tax (13,646) 8,240
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic and diluted earnings per unit (EUR) (0.12) 0.09
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 31.12.2020 31.12.2019
-----------------------------------------------------------------------
Non-current assets
-----------------------------------------------------------------------
Investment properties 334,518 356,575
-----------------------------------------------------------------------
Investment property under construction 5,474 2,367
-----------------------------------------------------------------------
Property, plant and equipment 2 -
-----------------------------------------------------------------------
Derivative financial instruments - 73
-----------------------------------------------------------------------
Other non-current assets 22 54
-----------------------------------------------------------------------
Total non-current assets 340,016 359,069
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Current assets
-----------------------------------------------------------------------
Trade and other receivables 1,901 1,794
-----------------------------------------------------------------------
Prepayments 352 301
-----------------------------------------------------------------------
Other current assets - 734
-----------------------------------------------------------------------
Cash and cash equivalents 13,333 9,836
-----------------------------------------------------------------------
Total current assets 15,586 12,665
-----------------------------------------------------------------------
Total assets 355,602 371,734
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Equity
-----------------------------------------------------------------------
Paid in capital 145,200 138,064
-----------------------------------------------------------------------
Cash flow hedge reserve (1,661) (1,556)
-----------------------------------------------------------------------
Retained earnings (7,218) 16,010
-----------------------------------------------------------------------
Total equity 136,321 152,518
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Non-current liabilities
-----------------------------------------------------------------------
Interest bearing loans and borrowings 195,670 205,718
-----------------------------------------------------------------------
Deferred tax liabilities 6,009 6,199
-----------------------------------------------------------------------
Derivative financial instruments 1,736 1,728
-----------------------------------------------------------------------
Other non-current liabilities 1,026 1,298
-----------------------------------------------------------------------
Total non-current liabilities 204,441 214,943
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Current liabilities
-----------------------------------------------------------------------
Interest bearing loans and borrowings 10,222 414
-----------------------------------------------------------------------
Trade and other payables 3,640 3,171
-----------------------------------------------------------------------
Income tax payable 1 8
-----------------------------------------------------------------------
Derivative financial instruments 27 -
-----------------------------------------------------------------------
Other current liabilities 950 680
-----------------------------------------------------------------------
Total current liabilities 14,840 4,273
-----------------------------------------------------------------------
Total liabilities 219,281 219,216
-----------------------------------------------------------------------
Total equity and liabilities 355,602 371,734
-----------------------------------------------------------------------
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
23:10 EET on 19 March 2021.