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
9408
Attachments
Submission date and time
18.03.2022 23:30:00
Content of announcement in Estonian
Title
BALTIC HORIZON FONDI 2021. AASTA KONSOLIDEERITUD NING AUDITEERITUD MAJANDUSTULEMUSED
Message
Northern Horizon Capital AS-i juhatus on kinnitanud Baltic Horizon Fondi (fond)
2021. aasta auditeeritud majandustulemused. Finantstulemused jäid samaks,
võrreldes esialgse avalikustamisega 15. veebruaril 2022.
Väljamaksed osakuomanikele Fondi 2021. aasta tulemuste eest
Fond kuulutas 2021. aasta äritegevuse tulemuste eest välja rahalisi väljamakseid
kogusummas 6 939 tuhat eurot (1 316 tuhat eurot 2021. aasta I kvartali, 1 316
tuhat eurot 2021. aasta II kvartali, 2 034 tuhat eurot 2021. aasta III kvartali
ja 2 273 tuhat eurot 2021. aasta IV kvartali tulemuste eest). 2021. aasta
äritegevuse tulemuste eest tehtud väljamaksete ja Tallinna börsi 31. detsembri
2021 sulgemishinna alusel oli osakute 2021. aasta bruto dividenditootlus 5,4%
Tulem ja puhas renditulu
Kontserni 2021. aasta puhaskasum oli 1,4 miljonit eurot (2020: puhaskahjum 13,5
miljonit eurot). Fondi kinnisvarainvesteeringute ümberhindluse kahjum oli küll
väiksem kui 2020. aastal, aga puhas renditulu kogu 2021. aasta vältel langes.
Fondi kinnisvarainvesteeringute majandustulemused olid aga 2021. aasta rangetele
koroonapiirangutele vaatamata positiivsed. 2021. aasta tulemile avaldas suurt
mõju kinnisvarainvesteeringute ümberhindluse kahjum kogusummas 7,2 miljonit
eurot. Aasta lõpus tehtud ümberhindlus näitas taastumist, sest Fond vähendas
ümberhindluse aastakahjumit, kajastades 2021. aasta IV kvartalis ümberhindluse
kasumi summas 7,1 miljonit eurot. Hindamise mõju arvesse võtmata oleks 2021.
aasta puhaskasum olnud 8,6 miljonit eurot (2020: 11,7 miljonit eurot). 2021.
aasta kasum osaku kohta oli 0,01 eurot (2020: kahjum 0,12 eurot).
Kinnisvarainvesteeringute õiglase väärtuse muutuse mõju arvesse võtmata oleks
kasum osaku kohta olnud 0,07 eurot (2020: 0,10 eurot).
2021. aastal teenis kontsern 17,0 miljonit eurot puhast renditulu, mida on
14,7% vähem kui aasta varem (2020: 19,9 miljonit eurot). Puhas renditulu
kahanes, sest portfelli kuuluvate kinnisvarainvesteeringute vabad pinnad
suurenesid, rentnikele tehti pandeemia ajal rendisoodustusi ja G4S-i peahoone
võõrandati 2021. aasta novembris.
2021. aasta puhas renditulu jagunes segmentide vahel järgmiselt: büroo 63,0%
(2020: 55,8%), kaubandus 32,4% (2020: 40,1%) ja vaba aeg 4,6% (2020: 4,1%).
Fondi 2021. aasta puhas renditulu jagunes riikide vahel järgmiselt: Leedu 38,1%
(2020: 36,4%), Läti 36,0% (2020: 38,3%), ja Eesti 25,9% (2020: 25,3%). 2021.
aastal vähenes Eesti osakaal Fondi portfellis G4S-i peahoone võõrandamise tõttu.
Varade brutoväärtus (GAV)
Fondi varade brutoväärtus vähenes aruandeperioodil 2,6%, langedes 2021. aasta
detsembri lõpuks 346,3 miljoni euroni (31. detsember 2020: 355,6 miljonit
eurot). Languse peamised põhjused olid kinnisvara-investeeringute
ümberhindamiskahjum summas 7,2 miljonit eurot ja G4S-i peahoone võõrandamine,
mille mõju vähendasid mõnevõrra varadesse tehtud kapitaliinvesteeringud ja
rahasaldo kasv. Kontsern tegi 2021. aasta jooksul kapitaliinvesteeringuid (7,0
miljonit eurot) Meraki büroohoone arendusprojekti. Fond kavatseb Meraki
büroohoone ehitust 2022. ja 2023. aastal jätkata. Lisaks investeeris Fond 2,1
miljonit eurot teistesse (ümber)arendusprojektidesse. Fondivalitseja jälgib
pandeemia majandusmõju ja tagab Fondi piisava likviidsustaseme ehituse ajal.
Varade puhasväärtus (NAV)
Fondi varade puhasväärtus pisut vähenes ja oli 2021. aasta detsembri lõpu
seisuga 132,6 miljonit eurot (31. detsember 2020: 136,3 miljonit eurot), sest
2021. aasta kinnisvarainvesteeringute ümberhindluse tulem oli negatiivne. Fondi
varade puhasväärtus vähenes eelmise aasta lõpuga võrreldes 2,7%. Perioodi
positiivseid tegevustulemusi tasakaalustas osakuomanikele tehtud väljamakse
summas 6,0 miljonit eurot. Seisuga 31. detsember 2021 oli osaku puhasväärtus
IFRS-i kohaselt 1,1082 eurot (31. detsember 2020: 1,1395 eurot) ning EPRA puhas
materiaalne põhivara ja EPRA puhas taastamisväärtus olid 1,1884 eurot (31.
detsember 2020: 1,2219 eurot) osaku kohta. EPRA puhas võõrandamisväärtus oli
1,1086 eurot (31. detsember 2020: 1,1435 eurot) osaku kohta.
Intressikandvad laenud ja võlakirjad
2021. aasta jooksul viis Fond lõpule 18-kuuliste tagatud võlakirjade suunatud
pakkumise mahus 4,0 miljonit eurot. Võlakirjad kannavad fikseeritud 5,0% määraga
intressi, mida makstakse kaks korda aastas. Laekunud vahendeid kasutati Meraki
büroohoone ehituse rahastamiseks. Fond maksis täielikult tagasi ka G4S-i
peahoone pangalaenu summas 7,8 miljonit eurot ja tegi Europa pangalaenu osalise
ennetähtaegse tagasimakse summas 3,0 miljonit eurot. Pangalaenukohustised
vähenesid pisut graafikujärgse laenuamortisatsiooni tõttu. Aastane
laenuamortisatsioon moodustab 0,2% kogu tasumata laenujäägist. Võlakirjade
märkimise ja laenutagasimaksete järel vähenesid intressikandvad laenud ja
võlakirjad (ei sisalda rendikohustisi) 198,6 miljoni euroni (31. detsember
2020: 205,6 miljonit eurot).
Kinnisvarainvesteeringute tulemused
Tuhandetes
eurodes 2021 2020 Muutus (%)
-----------------------------------------------------------------------------
Puhas renditulu 17 004 19 934 -14,7%
-----------------------------------------------------------------------------
Halduskulud -2 869 -2 918 -1,7%
-----------------------------------------------------------------------------
Muu äritulu 444 204 117,6%
-----------------------------------------------------------------------------
Kahjum kinnisvarainvesteeringu
müügist -71 - -
-----------------------------------------------------------------------------
Kinnisvarainvesteeringute ümberhindluse
kahjum -7 161 -25 245 -71,6%
-----------------------------------------------------------------------------
Ärikahjum/-kasum 7 347 -8 025 191,6%
-----------------------------------------------------------------------------
Finantstulud ja -kulud (neto) -5 705 -5 521 3,3%
-----------------------------------------------------------------------------
Maksueelne kasum/kahjum 1 642 -13 546 112,1%
-----------------------------------------------------------------------------
Tulumaks -229 5 -4 680,0%
-----------------------------------------------------------------------------
Perioodi puhaskasum/-kahjum 1 413 -13 541 110,4%
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Ringluses olevate osakute kaalutud
keskmine arv 119 635 429 119 635 429 -
-----------------------------------------------------------------------------
Kasum/kahjum osaku kohta (eurodes) 0,01 -0,12 110,4%
-----------------------------------------------------------------------------
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 17 345 8 587 8,2% 7,4% 100,0%
--------------------------------------------------------------------------------------
Duetto II Büroo 19 683 8 674 7,3% 7,1% 100,0%
--------------------------------------------------------------------------------------
Europa ostukeskus Kaubandus 36 737 16 856 2,7% 2,7% 78,8%
--------------------------------------------------------------------------------------
Domus PRO ostukeskus Kaubandus 16 255 11 226 7,3% 7,1% 99,4%
--------------------------------------------------------------------------------------
Domus PRO ärikeskus Büroo 7 820 4 831 8,3% 7,0% 100,0%
--------------------------------------------------------------------------------------
North Star ärikeskus Büroo 19 869 10 550 5,8% 6,3% 89,7%
--------------------------------------------------------------------------------------
Meraki maa 11 400 - - - -
--------------------------------------------------------------------------------------
Vilniuses kokku 129 109 60 724 5,7% 5,6% 92,2%
--------------------------------------------------------------------------------------
Riia, Läti
--------------------------------------------------------------------------------------
Upmalas Biroji Büroo
bürookompleks 21 944 10 459 7,3% 7,8% 100,0%
--------------------------------------------------------------------------------------
Vainodes I Büroo 18 150 8 052 6,7% 7,7% 100,0%
--------------------------------------------------------------------------------------
LNK Centre Büroo 16 840 7 452 6,3% 6,7% 100,0%
--------------------------------------------------------------------------------------
Sky ostukeskus Kaubandus 5 096 3 249 7,8% 8,0% 97,6%
--------------------------------------------------------------------------------------
Galerija Centrs Kaubandus 65 544 20 022 1,9% 2,2% 79,2%
--------------------------------------------------------------------------------------
Riias kokku 127 574 49 234 4,3% 4,8% 91,4%
--------------------------------------------------------------------------------------
Tallinn, Eesti
--------------------------------------------------------------------------------------
Postimaja ja CC Plaza Kaubandus 29 772 9 145 2,9% 3,4% 93,9%
--------------------------------------------------------------------------------------
Postimaja ja CC Plaza Vaba aeg 14 442 8 664 6,5% 5,5% 100,0%
--------------------------------------------------------------------------------------
Lincona Büroo 16 990 10 870 7,0% 6,9% 89,1%
--------------------------------------------------------------------------------------
Pirita ostukeskus Kaubandus 9 472 5 444 5,2% 6,8% 89,2%
--------------------------------------------------------------------------------------
Tallinnas kokku 70 676 34 123 5,1% 5,5% 93,2%
--------------------------------------------------------------------------------------
Portfell kokku 327 359 144 081 5,0% 5,2% 92,1%
--------------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 31. detsember 2021 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.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
Tuhandetes eurodes 2021 2020
-------------------------------------------------------------------------------
Renditulu 19 495 21 697
-------------------------------------------------------------------------------
Teenustasutulu 4 901 4 990
-------------------------------------------------------------------------------
Renditegevuse kulud -7 392 -6 753
-------------------------------------------------------------------------------
Puhas renditulu 17 004 19 934
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Halduskulud -2 869 -2 918
-------------------------------------------------------------------------------
Muu äritulu 444 204
-------------------------------------------------------------------------------
Kahjum kinnisvarainvesteeringu müügist -71 -
-------------------------------------------------------------------------------
Kinnisvarainvesteeringute ümberhindluse kahjum -7 161 -25 245
-------------------------------------------------------------------------------
Ärikasum/-kahjum 7 347 -8 025
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Finantstulud 1 3
-------------------------------------------------------------------------------
Finantskulud -5 706 -5 524
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -5 705 -5 521
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Maksueelne kasum/kahjum 1 642 -13 546
-------------------------------------------------------------------------------
Tulumaks -229 5
-------------------------------------------------------------------------------
Perioodi kasum/kahjum 1 413 -13 541
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu
koondkasum/-kahjum
-------------------------------------------------------------------------------
Rahavoogude riskimaandamise puhaskasum/ ?kahjum 898 -108
-------------------------------------------------------------------------------
Rahavoogude riskimaandamise puhaskahjumi/ ?kasumiga seotud
tulumaks -66 3
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav
tulumaksujärgne muu
koondkasum/-kahjum kokku 832 -105
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkasum/?kahjum kokku 2 245 -13 646
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava- ja lahustatud kasum/kahjum osaku kohta (eurodes) 0,01 -0,12
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 31.12.2021 31.12.2020
----------------------------------------------------------------
Põhivarad
----------------------------------------------------------------
Kinnisvarainvesteeringud 315 959 334 518
----------------------------------------------------------------
Lõpetamata kinnisvarainvesteeringud 11 400 5 474
----------------------------------------------------------------
Immateriaalsed põhivarad 9 -
----------------------------------------------------------------
Materiaalsed põhivarad 2 2
----------------------------------------------------------------
Muud põhivarad 23 22
----------------------------------------------------------------
Põhivarad kokku 327 393 340 016
----------------------------------------------------------------
----------------------------------------------------------------
Käibevarad
----------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 2 708 1 901
----------------------------------------------------------------
Ettemaksed 137 352
----------------------------------------------------------------
Raha ja raha ekvivalendid 16 100 13 333
----------------------------------------------------------------
Käibevarad kokku 18 945 15 586
----------------------------------------------------------------
Varad kokku 346 338 355 602
----------------------------------------------------------------
----------------------------------------------------------------
Omakapital
----------------------------------------------------------------
Sissemakstud kapital 145 200 145 200
----------------------------------------------------------------
Rahavoogude riskimaandamise reserv -829 -1 661
----------------------------------------------------------------
Jaotamata kahjum/kasum -11 787 -7 218
----------------------------------------------------------------
Omakapital kokku 132 584 136 321
----------------------------------------------------------------
----------------------------------------------------------------
Pikaajalised kohustised
----------------------------------------------------------------
Intressikandvad võlakohustised 157 471 195 670
----------------------------------------------------------------
Edasilükkunud tulumaksukohustised 6 297 6 009
----------------------------------------------------------------
Tuletisinstrumendid 756 1 736
----------------------------------------------------------------
Muud pikaajalised kohustised 1 103 1 026
----------------------------------------------------------------
Pikaajalised kohustised kokku 165 627 204 441
----------------------------------------------------------------
----------------------------------------------------------------
Lühiajalised kohustised
----------------------------------------------------------------
Intressikandvad võlakohustised 41 676 10 222
----------------------------------------------------------------
Võlad tarnijatele ja muud võlad 5 223 3 640
----------------------------------------------------------------
Tulumaksukohustis 5 1
----------------------------------------------------------------
Tuletisinstrumendid 109 27
----------------------------------------------------------------
Muud lühiajalised kohustised 1 114 950
----------------------------------------------------------------
Lühiajalised kohustised kokku 48 127 14 840
----------------------------------------------------------------
Kohustised kokku 213 754 219 281
----------------------------------------------------------------
Omakapital ja kohustised kokku 346 338 355 602
----------------------------------------------------------------
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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H2Put1bO5wtjfgpm12_zm0e3MNeVFogx3rOm3EqbwQcHNvZgzB0lzNOiL4gzQp-
iVuaNJN0o9wiJbLfcH0fH7DFYzyTXGJFpHg==)
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avaldamiskanalite esindajatele.
Content of announcement in English
Title
BALTIC HORIZON FUND CONSOLIDATED AUDITED RESULTS FOR 2021
Message
Management Board of Northern Horizon Capital AS has approved the audited
financial results of Baltic Horizon Fund (the Fund) for the year 2021. The
financial results remained unchanged compared to the preliminary disclosure on
15 February 2022.
Distributions to unitholders for 2021 Fund results
In total, the Fund declared a cash distribution of EUR 6,939 thousand from the
operating results of 2021 (EUR 1,316 thousand from Q1 2021, EUR 1,316 thousand
from Q2 2021, EUR 2,034 thousand from Q3 2021 and EUR 2,273 thousand from Q4
2021). Dividends for the operating results of 2021 correspond to a gross yield
of 5.4% based on the closing price on the Nasdaq Tallinn Stock Exchange at 31
December 2021.
Net result and net rental income
In 2021, the Group recorded a net profit of EUR 1.4 million as compared to a net
loss of EUR 13.5 million in 2020. Compared to 2020, the Fund recognised smaller
valuation losses on investment properties but a decrease in net rental income
throughout 2021. Even with hard COVID-19 restrictions in 2021, the Fund managed
to maintain the positive operational performance of its investment properties.
The net result for the whole 2021 was mostly impacted by a negative valuation
result of EUR 7.2 million. Year-end valuations showed recovery as the Fund
brought down overall yearly valuation losses by recognising a valuation gain of
EUR 7.1 million in Q4 2021. Excluding the valuation impact on the net result,
net profit for 2021 would have amounted to EUR 8.6 million (2020: EUR 11.7
million). Earnings per unit for 2021 were positive at EUR 0.01 (2020: negative
at EUR 0.12). Earnings per unit excluding valuation losses on investment
properties amounted to EUR 0.07 (2020: EUR 0.10).
In 2021, the Group earned net rental income of EUR 17.0 million, a decrease of
14.7% compared to the net rental income of EUR 19.9 million for 2020. Net rental
income decreased due to increased vacancies across portfolio, relief measures
granted to tenants during the pandemic and disposal of G4S Headquarters in
November 2021.
Portfolio properties in the office segment contributed 63.0% (2020: 55.8%) of
net rental income in 2021 followed by the retail segment with 32.4% (2020:
40.1%) and the leisure segment with 4.6% (2020: 4.1%).
During 2021, investment properties in Lithuania and Latvia contributed 38.1%
(2020: 36.4%) and 36.0% (2020: 38.3%) of net rental income, respectively, while
investment properties in Estonia contributed 25.9% (2020: 25.3%). In 2021,
Estonia's share in the Fund's portfolio decreased due to the disposal of G4S
Headquarters.
Gross Asset Value (GAV)
At the end of December 2021, the Fund's GAV was EUR 346.3 million (31 December
2020: EUR 355.6 million), which was a drop of 2.6% over the period. The decrease
is mainly related to the negative property revaluation of EUR 7.2 million and
the disposal of G4S Headquarters which was slightly offset by capital
investments in assets and an increase in the cash balance. The Group made
capital investments (EUR 7.0 million) in the Meraki office building development
project during 2021. The Fund aims to carry on with the construction of the
Meraki office building throughout 2022/2023. An additional EUR 2.1 million was
invested in other (re)development projects. 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)
At the end of December 2021, the Fund's NAV slightly decreased to EUR 132.6
million (31 December 2020: EUR 136.3 million) due to a negative overall
investment property revaluation for the financial year. Compared to the year-end
2020 NAV, the Fund's NAV decreased by 2.7%. The increase in operational
performance was offset by a EUR 6.0 million dividend distribution to the
unitholders. As at 31 December 2021, IFRS NAV per unit stood at EUR 1.1082 (31
December 2020: EUR 1.1395), while EPRA net tangible assets and EPRA net
reinstatement value were EUR 1.1884 per unit (31 December 2020: EUR 1.2219).
EPRA net disposal value was EUR 1.1086 per unit (31 December 2020: EUR 1.1435).
Interest-bearing loans and bonds
During 2021, the Fund completed a private placement of 18 months secured bonds
of EUR 4.0 million. The bonds bear a fixed-rate coupon of 5.0% payable semi-
annually. The net proceeds from the issuance of the bonds were used for
financing the construction of the Meraki office building. The Fund also fully
repaid the G4S Headquarters bank loan of EUR 7.8 million and made a partial EUR
3.0 million early repayment of the Europa bank loan. Outstanding bank loans also
decreased slightly due to regular bank loan amortisation. Annual loan
amortisation accounts for 0.2% of total debt outstanding. After the bond
subscription and loan repayments interest-bearing loans and bonds (excluding
lease liabilities) decreased to EUR 198.6 million (31 December 2020: EUR 205.6
million).
Property performance
EUR '000 2021 2020 Change (%)
-------------------------------------------------------------------------------
Net rental income 17,004 19,934 (14.7%)
-------------------------------------------------------------------------------
Administrative expenses (2,869) (2,918) (1.7%)
-------------------------------------------------------------------------------
Other operating income 444 204 117.6%
-------------------------------------------------------------------------------
Losses on disposal of investment
properties (71) - -
-------------------------------------------------------------------------------
Valuation losses on investment properties (7,161) (25,245) (71.6%)
-------------------------------------------------------------------------------
Operating profit
(loss) 7,347 (8,025) 191.6%
-------------------------------------------------------------------------------
Net financing costs (5,705) (5,521) 3.3%
-------------------------------------------------------------------------------
Profit (loss) before
tax 1,642 (13,546) 112.1%
-------------------------------------------------------------------------------
Income tax (229) 5 (4,680.0%)
-------------------------------------------------------------------------------
Net profit (loss) for the period 1,413 (13,541) 110.4%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Weighted average number of units
outstanding (units) 119,635,429 119,635,429 -
-------------------------------------------------------------------------------
Earnings per unit (EUR) 0.01 (0.12) 110.4%
-------------------------------------------------------------------------------
Fair Direct
Property name Sector value(1) NLA property Net initial Occupancy
(EUR '000) (sq. m) yield(2) yield(3) rate
-------------------------------------------------------------------------------
Vilnius,
Lithuania
-------------------------------------------------------------------------------
Duetto I Office 17,345 8,587 8.2% 7.4% 100.0%
-------------------------------------------------------------------------------
Duetto II Office 19,683 8,674 7.3% 7.1% 100.0%
-------------------------------------------------------------------------------
Europa SC Retail 36,737 16,856 2.7% 2.7% 78.8%
-------------------------------------------------------------------------------
Domus PRO Retail
Retail Park 16,255 11,226 7.3% 7.1% 99.4%
-------------------------------------------------------------------------------
Domus PRO Office
Office 7,820 4,831 8.3% 7.0% 100.0%
-------------------------------------------------------------------------------
North Star Office 19,869 10,550 5.8% 6.3% 89.7%
-------------------------------------------------------------------------------
Meraki Land 11,400 - - - -
-------------------------------------------------------------------------------
Total Vilnius 129,109 60,724 5.7% 5.6% 92.2%
-------------------------------------------------------------------------------
Riga, Latvia
-------------------------------------------------------------------------------
Upmalas Office
Biroji BC 21,944 10,459 7.3% 7.8% 100.0%
-------------------------------------------------------------------------------
Vainodes I Office 18,150 8,052 6.7% 7.7% 100.0%
-------------------------------------------------------------------------------
LNK Centre Office 16,840 7,452 6.3% 6.7% 100.0%
-------------------------------------------------------------------------------
Sky SC Retail 5,096 3,249 7.8% 8.0% 97.6%
-------------------------------------------------------------------------------
Galerija Retail
Centrs 65,544 20,022 1.9% 2.2% 79.2%
-------------------------------------------------------------------------------
Total Riga 127,574 49,234 4.3% 4.8% 91.4%
-------------------------------------------------------------------------------
Tallinn,
Estonia
-------------------------------------------------------------------------------
Postimaja &
CC Plaza Retail
complex 29,772 9,145 2.9% 3.4% 93.9%
-------------------------------------------------------------------------------
Postimaja &
CC Plaza Leisure
complex 14,442 8,664 6.5% 5.5% 100.0%
-------------------------------------------------------------------------------
Lincona Office 16,990 10,870 7.0% 6.9% 89.1%
-------------------------------------------------------------------------------
Pirita SC Retail 9,472 5,444 5.2% 6.8% 89.2%
-------------------------------------------------------------------------------
Total Tallinn 70,676 34,123 5.1% 5.5% 93.2%
-------------------------------------------------------------------------------
Total
portfolio 327,359 144,081 5.0% 5.2% 92.1%
-------------------------------------------------------------------------------
1. Based on the latest valuation as at 31 December 2021 and recognised right-
of-use assets.
2. Direct property yield (DPY) is calculated by dividing annualized NOI by the
acquisition value and subsequent capital expenditure of the property.
3. The net initial yield (NIY) is calculated by dividing annualized NOI by the
market value of the property.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
EUR '000 2021 2020
-------------------------------------------------------------------------------
Rental income 19,495 21,697
-------------------------------------------------------------------------------
Service charge income 4,901 4,990
-------------------------------------------------------------------------------
Cost of rental activities (7,392) (6,753)
-------------------------------------------------------------------------------
Net rental income 17,004 19,934
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Administrative expenses (2,869) (2,918)
-------------------------------------------------------------------------------
Other operating income 444 204
-------------------------------------------------------------------------------
Losses on disposal of investment properties (71) -
-------------------------------------------------------------------------------
Valuation losses on investment properties (7,161) (25,245)
-------------------------------------------------------------------------------
Operating profit (loss) 7,347 (8,025)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Financial income 1 3
-------------------------------------------------------------------------------
Financial expenses (5,706) (5,524)
-------------------------------------------------------------------------------
Net financing costs (5,705) (5,521)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit (loss) before tax 1,642 (13,546)
-------------------------------------------------------------------------------
Income tax charge (229) 5
-------------------------------------------------------------------------------
Profit (loss) before tax 1,413 (13,541)
-------------------------------------------------------------------------------
Other comprehensive income that is or may be reclassified
to profit or loss in subsequent periods
-------------------------------------------------------------------------------
Net gain (loss) on cash flow hedges 898 (108)
-------------------------------------------------------------------------------
Income tax relating to net (loss) gain on cash flow hedges (66) 3
-------------------------------------------------------------------------------
Other comprehensive income (expense), net of tax, that is
or may be reclassified to profit or loss in subsequent
periods 832 (105)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income (expense) for the period, net of
tax 2,245 (13,646)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic and diluted earnings per unit (EUR) 0.01 (0.12)
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 31.12.2021 31.12.2020
-----------------------------------------------------------------------
Non-current assets
-----------------------------------------------------------------------
Investment properties 315,959 334,518
-----------------------------------------------------------------------
Investment property under construction 11,400 5,474
-----------------------------------------------------------------------
Intangible assets 9 -
-----------------------------------------------------------------------
Property, plant and equipment 2 2
-----------------------------------------------------------------------
Other non-current assets 23 22
-----------------------------------------------------------------------
Total non-current assets 327,393 340,016
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Current assets
-----------------------------------------------------------------------
Trade and other receivables 2,708 1,901
-----------------------------------------------------------------------
Prepayments 137 352
-----------------------------------------------------------------------
Cash and cash equivalents 16,100 13,333
-----------------------------------------------------------------------
Total current assets 18,945 15,586
-----------------------------------------------------------------------
Total assets 346,338 355,602
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Equity
-----------------------------------------------------------------------
Paid in capital 145,200 145,200
-----------------------------------------------------------------------
Cash flow hedge reserve (829) (1,661)
-----------------------------------------------------------------------
Retained earnings (11,787) (7,218)
-----------------------------------------------------------------------
Total equity 132,584 136,321
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Non-current liabilities
-----------------------------------------------------------------------
Interest bearing loans and borrowings 157,471 195,670
-----------------------------------------------------------------------
Deferred tax liabilities 6,297 6,009
-----------------------------------------------------------------------
Derivative financial instruments 756 1,736
-----------------------------------------------------------------------
Other non-current liabilities 1,103 1,026
-----------------------------------------------------------------------
Total non-current liabilities 165,627 204,441
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Current liabilities
-----------------------------------------------------------------------
Interest bearing loans and borrowings 41,676 10,222
-----------------------------------------------------------------------
Trade and other payables 5,223 3,640
-----------------------------------------------------------------------
Income tax payable 5 1
-----------------------------------------------------------------------
Derivative financial instruments 109 27
-----------------------------------------------------------------------
Other current liabilities 1,114 950
-----------------------------------------------------------------------
Total current liabilities 48,127 14,840
-----------------------------------------------------------------------
Total liabilities 213,754 219,281
-----------------------------------------------------------------------
Total equity and liabilities 346,338 355,602
-----------------------------------------------------------------------
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.
Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm,
www.baltichorizon.com
This announcement contains information that the Management Company is obliged to
disclose pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the above distributors, at
23:30 EET on 18 March 2022.