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
9732
Attachments
Submission date and time
08.08.2022 22:00:00
Content of announcement in Estonian
Title
BALTIC HORIZON FONDI 2022. AASTA I POOLAASTA KONSOLIDEERITUD AUDITEERIMATA MAJANDUSTULEMUSED
Message
Northern Horizon Capital AS-i juhatus on kinnitanud Baltic Horizon Fondi (Fond)
auditeerimata konsolideeritud vahearuande tulemused 2022. aasta esimese kuue kuu
kohta.
Väljamaksed osakuomanikele Fondi tulemuste eest
28. aprillil 2022 kuulutas Fond osakuomanikele 2022. aasta I kvartali tulemuste
eest välja rahalise väljamakse kogusummas 1 555 tuhat eurot (0,013 eurot osaku
kohta). See teeb 2022. aasta I kvartali kaalutud keskmise puhasväärtuse
tootluseks 1,17%.
28. juulil 2022 kuulutas Fond osakuomanikele 2022. aasta II kvartali tulemuste
eest välja rahalise väljamakse kogusummas 1 555 tuhat eurot (0,013 eurot osaku
kohta). See teeb 2022. aasta II kvartali kaalutud keskmise puhasväärtuse
tootluseks 1,17%.
Turul valitseva ebakindluse tõttu otsustas Fond teha 2020., 2021. ja 2022.
aastal vähendatud väljamakseid ja jätta 7,2 miljoni euro ulatuses
jaotuskõlblikku rahavoogu välja maksmata.
II kv III kv IV kv I kv II kv
Tuhandetes eurodes 2021 2021 2021 2022 2022
-------------------------------------------------------------------------------
(+) Puhas renditulu 4 357 4 676 3 798 4 193 4 482
(-) Fondi halduskulud -756 -735 -633 -659 -726
(-) Välised intressikulud -1 311 -1 407 -1 408 -1 372 -1 403
(-) Kapitalikulud(1) -92 -38 -222 -266 -369
(+) Kinnisvarainvesteeringutega seotud
erakorraline tulu(2) - - 440 - 261
(+) Tagasi lisatud noteerimisega seotud
kulud - - - - -
(+) Tagasi lisatud omandamisega seotud
kulud 5 9 32 1 5
-------------------------------------------------------------------------------
Genereeritud neto rahavoog (GNR) 2 203 2 505 2 007 1 897 2 250
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
GNR kaalutud osaku kohta (eurodes) 0,018 0,021 0,017 0,016 0,019
12 kuu jooksev GNR tootlus( 3 )(%) 7,0% 7,0% 6,8% 7,6% 8,0%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Väljakuulutatud väljamaksed 1 316 2 034 2 273 1 555 1 555
-------------------------------------------------------------------------------
Väljakuulutatud väljamaksed osaku kohta(4
)(eurodes) 0,011 0,017 0,019 0,013 0,013
-------------------------------------------------------------------------------
12 kuu jooksev dividenditootlus(3 )(%) 5,0% 4,5% 5,4% 6,3% 6,9%
-------------------------------------------------------------------------------
1. Tabelis on esitatud kvartali tegelik kapitalikulu. Osakuomanikele tulevikus
tehtavate väljamaksete aluseks on eelarvestatud aastane kapitalikulu, mis on
kvartalite vahel võrdselt ära jaotatud. See vähendab osakuomanikele
tehtavate rahaliste väljamaksete kvartaalset volatiilsust.
2. Läti valitsuse COVID-19 toetused, mis on seotud puhta renditulu vähenemisega
Galerija Centrsi rentnikele tehtud soodustuste tõttu. Toetusi kasutatakse
kinnisvarainvesteeringu tegevuskulude katmiseks.
3. 12 kuu jooksva GNR-i tootluse ja dividenditootluse aluseks on osaku turuhind
vastava kvartali lõpu seisuga (2022. aasta II kvartali osaku turuhind on
esitatud seisuga 30. juuni 2022).
4. Väljamaksele õigust omavate osakute arvu alusel.
Kinnisvarainvesteeringute hindamine
2022. aasta juunis hindas Fondi kinnisvaraportfelli sõltumatu kinnisvarahindaja
Colliers. Fondi portfelli õiglane väärtus aruandeperioodil suurenes ja oli
seisuga 30. juuni 2022 335,6 miljonit eurot (31. detsember 2021: 327,4 miljonit
eurot). 2022. aasta juunis toimunud ümberhindluse tulemuseks oli õiglase
väärtuse muutusest tingitud kasum summas 0,2 miljonit eurot (+0,1% portfelli
väärtusest), mis tulenes peamiselt sellest, et rendi indekseerimise ja rahavooga
seotud eeldusi korrigeeriti kogu Euroopat mõjutava kiire inflatsiooni tõttu
kõrgemaks.
Tulem ja puhas renditulu
Kontserni 2022. aasta I poolaasta puhaskasum oli 4,2 miljonit eurot (I pa 2021:
puhaskahjum 9,2 miljonit eurot). Tulemile avaldas suurt mõju Galerija Centrsi
majandustulemuste taastumine, mis saavutati tänu sellele, et rentnikele tehti
2022. aastal vähem pandeemiast tingitud rendisoodustusi ja rendi indekseerimine
kasvas. 2021. aasta I poolaasta tulemit mõjutas märkimisväärselt ühekordne
kinnisvarainvesteeringute ümberhindluse kahjum summas 14,3 miljonit eurot.
2022. aasta I poolaastal oli ümberhindluse tulemuseks aga kasum summas 0,2
miljonit eurot (+0,1% portfelli väärtusest). Puhta renditulu kasvu positiivset
mõju toetasid ka väiksemad halduskulud ja Läti valitsuselt saadud 0,3 miljoni
euro suurune toetus. 2022. aasta I poolaasta kasum osaku kohta oli 0,04 eurot (I
pa 2021: -0,08 eurot).
2022. aasta l poolaastal teenis kontsern 8,7 miljonit eurot puhast renditulu (I
pa 2021: 8,5 miljonit eurot). 2021. aasta I poolaasta tulemustes kajastus 2021.
aasta IV kvartalis müüdud G4S-i peahoone puhas renditulu summas 0,6 miljonit
eurot. 2022. aasta I poolaasta tulemusi G4S enam ei mõjutanud. Rendihindade
indekseerimine ja tulude taastumine suurendasid sama koosseisuga (võrreldava)
portfelli puhast renditulu.
Varade brutoväärtus (GAV)
Fondi varade brutoväärtus kasvas aruandeperioodil 0,3%, tõustes 2022. aasta I
poolaasta lõpuks 347,5 miljoni euroni (31. detsember 2021: 346,3 miljonit
eurot). Tõusu peamised põhjused on kinnisvarainvesteeringute ümberhindamisest
tekkinud kasum summas 0,2 miljonit eurot ja 2022. aasta I poolaastal tehtud
kapitaliinvesteeringud (4,1 miljonit eurot) Meraki büroohoone arendusprojekti.
Fond kavatseb Meraki büroohoone ehitust 2022. ja 2023. aastal jätkata. Lisaks
investeeris Fond 3,3 miljonit eurot teistesse (ümber)arendusprojektidesse.
Varade puhasväärtus (NAV)
Fondi varade puhasväärtus pisut suurenes ja oli 2022. aasta I poolaasta lõpu
seisuga 134,2 miljonit eurot (31. detsember 2021: 132,6 miljonit eurot). Fondi
varade puhasväärtus suurenes eelmise aasta lõpuga võrreldes 1,2%. Perioodi
positiivseid tegevustulemusi ja kinnisvarainvesteeringute ümberhindamisi ning
positiivset rahavoo riskimaandamise reservi muutust summas 1,2 miljonit eurot
tasakaalustas osaliselt osakuomanikele tehtud väljamakse summas 3,8 miljonit
eurot. Seisuga 30. juuni 2022 oli osaku IFRS puhasväärtus 1,1215 eurot (31.
detsember 2021: 1,1082 eurot) ning EPRA puhas materiaalne põhivara ja EPRA puhas
taastamisväärtus olid 1,2016 eurot (31. detsember 2021: 1,1884 eurot) osaku
kohta. EPRA puhas võõrandamisväärtus oli 1,1177 eurot (31. detsember
2021: 1,1086 eurot) osaku kohta.
Kinnisvarainvesteeringud
Baltic Horizoni portfelli kuulub 14 Balti riikide pealinnades asuvat rahavooga
kinnisvarainvesteeringut ja üks lõpetamata kinnisvarainvesteering Meraki
maatükil. 2022. aasta II kvartali lõpus oli Fondi portfelli õiglane väärtus
335,7 miljonit eurot (31. detsember 2021: 327,4 miljonit eurot) ja renditavat
netopinda oli kokku 144 215 ruutmeetrit. 2022. aasta I poolaastal investeeris
kontsern 0,6 miljonit eurot olemasolevasse kinnisvarainvesteeringute portfelli
ja 7,5 miljonit eurot rekonstrueerimis- ja arendusprojektidesse.
Intressikandvad laenud ja võlakirjad
Intressikandvad laenud ja võlakirjad (ei sisalda rendikohustisi) moodustasid
198,4 miljonit eurot, jäädes 2021. aasta lõpuga sarnasele tasemele (31.
detsember 2021: 198,6 miljonit eurot). Pangalaenukohustised vähenesid pisut
graafikujärgse laenuamortisatsiooni tõttu. Aastane laenuamortisatsioon moodustab
0,3% kogu tasumata laenujäägist. Kõiki laene, mille aegumistähtaeg oli 2022.
aasta I poolaastal, pikendati algsete laenuandjate juures.
Rahavood
2022. aasta I poolaasta äritegevuse rahavoog oli positiivne summas 7,3 miljonit
eurot (I pa 2021: positiivne summas 6,4 miljonit eurot). Investeerimistegevuse
rahavoog oli olemasolevasse kinnisvaraportfelli tehtud täiendavate
investeeringute ning Meraki, Postimaja ja CC Plaza kompleksi ning Europa
arendusprojektide rahastamise tõttu 2022. aasta I poolaastal negatiivne summas
7,6 miljonit eurot (I pa 2021: negatiivne summas 2,7 miljonit eurot).
Finantseerimistegevuse rahavoog oli negatiivne summas 7,1 miljonit eurot (I pa
2021: negatiivne summas 1,6 miljonit eurot). Esimesel poolaastal tegi Fond
osakuomanikele rahalise väljamakse summas 3,8 miljonit eurot ja maksis
pangalaenudelt ja võlakirjadelt regulaarseid intresse. 2022. aasta I poolaasta
lõpus oli Fondil raha ja raha ekvivalente summas 8,7 miljonit eurot (31.
detsember 2021: 16,1 miljonit eurot), mis näitab piisavat likviidsust ja
finantspaindlikkust. Vaba raha kasutatakse arendusprojektide jätkamiseks.
Peamised kasumlikkuse näitajad
Tuhandetes
eurodes II kv 2022 II kv 2021 Muutus (%)
-------------------------------------------------------------------------------
Puhas renditulu 4 482 4 357 2,9%
Halduskulud -726 -756 4,0%
Muu äritulu 271 - -
Kinnisvarainvesteeringute ümberhindluse
kasum/kahjum 178 -14 255 101,2%
Ärikasum/-
kahjum 4 205 -10 654 139,5%
Finantstulud ja -kulud
(neto) -1 518 -1 361 -11,5%
Maksueelne kasum/kahjum 2 687 -12 015 122,4%
Tulumaks -444 888 -150,0%
-------------------------------------------------------------------------------
Perioodi puhaskasum/-
kahjum 2 243 -11 127 120,2%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud
keskmine arv 119 635 429 119 635 429 -
Kasum/kahjum osaku kohta
(eurodes) 0,02 -0,09 120,2%
-------------------------------------------------------------------------------
Peamised finantsseisundi näitajad
Tuhandetes
eurodes 30.06.2022 31.12.2021 Muutus (%)
-------------------------------------------------------------------------------
Kasutuses olevad
kinnisvarainvesteeringud 320 029 315 959 1,3%
Lõpetamata
kinnisvarainvesteeringud 15 620 11 400 37,0%
Varade brutoväärtus (GAV) 347 495 346 338 0,3%
Intressikandvad laenud ja
võlakirjad 198 360 198 571 -0,1%
Kohustised
kokku 213 319 213 754 -0,2%
IFRS varade puhasväärtus (IFRS
NAV) 134 176 132 584 1,2%
EPRA puhas taastamisväärtus (EPRA
NRV) 143 752 142 176 1,1%
-------------------------------------------------------------------------------
Ringluses olevate osakute arv 119 635 429 119 635 429 -
Osaku puhasväärtus - IFRS NAV osaku kohta
(eurodes) 1,1215 1,1082 1,2%
EPRA puhas taastamisväärtus (NRV) osaku
kohta (eurodes) 1,2016 1,1884 1,1%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Laenu tagatuse suhtarv (%) 59,1% 60,7% -
Keskmine sisemine intressimäär (%) 2,8% 2,7% -
-------------------------------------------------------------------------------
Fondi kinnisvarainvesteeringute portfelli keskmine tegelik täitumus oli 2022.
aasta II kvartalis 93,4% (I kv 2022: 92,3%). Seisuga 30. juuni 2022 oli täitumus
93,3% (31. märts 2022: 92,4%). Portfelli üldine täitumus tõusis North Stari
kontorihotelli eduka avamise ja selle pindade väikerentnikega täitmise järel.
Täitumust aitasid parandada ka Europa, Postimaja ja Galerija Centrsi uued
rendilepingud. Kvartali jooksul kolis Sportland Galerija Centrsis uude asukohta,
laiendades oma pinda peaaegu 1000 m2-ni. Europa ostukeskuses avas Huracan Coffee
umbes 140 m2 suuruse kohviku, luues sellega uue tõmbeala keskse äripiirkonna
peaväljakult sisenevatele klientidele. Pärast Huracani avamist on Europa
sissepääsud ja avalikud alad pärast renoveerimist klientidele taas täielikult
avatud.
Büroosegmendi täitumus on jätkuvalt kõrge (98%). Büroopindade väljarentimine
peaks jätkuma ka 2022. aasta III kvartalis. Kaubanduspinna rentimisega
tegelevaid meeskondi suurendati 2022. aasta I poolaastal, et renditegevust
kiirendada. Alanud on põhjalikud läbirääkimised ostukeskuste võimalike
ankurrentnikega. Kinnisvarainvesteeringute keskmine otsene tootlus oli 2022.
aasta II kvartalis 5,3% (I kv 2022: 5,0%) ja kogu portfelli esmane puhastootlus
5,6% (I kv 2022: 5,3%). Kinnisvarainvesteeringute tootlused kasvasid 2022. aasta
I kvartaliga võrreldes tänu Galerija Centrsi tulemuste taastumisele pärast
piirangute leevendamist 2021. aasta lõpus ja portfelli rendihindade
indekseerimise positiivsele mõjule.
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 30. juuni 2022
Õiglane Otsene Esmane
väärtus(1) Renditav tootlus puhastootlus
(tuhandetes netopind II kv II kv Täitumuse
Kinnisvarainvesteering Segment eurodes) (m(2)) 2022(2) 2022(3) määr
-------------------------------------------------------------------------------------
Vilnius, Leedu
Duetto I Büroo 18 525 8 587 7,7% 6,5% 100,0%
Duetto II Büroo 20 253 8 674 7,7% 7,1% 100,0%
Europa ostukeskus Kaubandus 38 757 16 844 1,8% 1,9% 84,5%
Domus Pro ostukeskus Kaubandus 16 535 11 226 8,4% 8,1% 98,5%
Domus Pro ärikeskus Büroo 8 010 4 831 8,7% 7,1% 97,3%
North Star ärikeskus Büroo 21 538 10 550 6,7% 6,8% 98,2%
Meraki arendus Büroo 15 620 - - - -
-------------------------------------------------------------------------------------
Vilniuses kokku 139 238 60 712 5,6% 5,4% 94,9%
-------------------------------------------------------------------------------------
Riia, Läti
Upmalas Biroji
bürookompleks Büroo 21 978 10 459 7,5% 8,2% 100,0%
Vainodes I Büroo 18 470 8 052 6,6% 7,8% 100,0%
LNK Centre Büroo 17 660 7 452 6,8% 6,8% 100,0%
Sky ostukeskus Kaubandus 5 693 3 244 8,1% 7,8% 97,6%
Galerija Centrs Kaubandus 64 910 20 075 3,1% 3,6% 77,2%
-------------------------------------------------------------------------------------
Riias kokku 128 711 49 282 5,0% 5,6% 90,6%
-------------------------------------------------------------------------------------
Tallinn, Eesti
Postimaja ja CC Plaza Kaubandus 26 975 9 242 9,2% 7,6% 95,6%
Postimaja ja CC Plaza Vaba aeg 14 525 8 664 3,6% 4,5% 100,0%
Lincona Büroo 16 900 10 871 7,3% 6,8% 90,8%
Pirita ostukeskus Kaubandus 9 300 5 444 5,1% 6,7% 90,4%
-------------------------------------------------------------------------------------
Tallinnas kokku 67 700 34 221 5,5% 6,0% 94,4%
-------------------------------------------------------------------------------------
Portfell kokku 335 649 144 215 5,3% 5,6% 93,3%
-------------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 30. juuni 2022 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 01.04.2022-30.06.2022 01.04.2021-30.06.2021 01.01.2022-30.06.2022 01.01.2021-30.06.2021
--------------------------------------------------------------------------------------------------------------------
Renditulu 5 111 4 835 10 070 9 512
Teenustasutulu 1 341 1 209 2 645 2 426
Renditegevuse kulud -1 970 -1 687 -4 040 -3 408
--------------------------------------------------------------------------------------------------------------------
Puhas renditulu 4 482 4 357 8 675 8 530
--------------------------------------------------------------------------------------------------------------------
Halduskulud -726 -756 -1 385 -1 501
Muu äritulu 271 - 278 -
Kinnisvarainvesteeringute
ümberhindluse
kasum/kahjum 178 -14 255 172 -14 259
--------------------------------------------------------------------------------------------------------------------
Ärikasum/-kahjum 4 205 -10 654 7 740 -7 230
--------------------------------------------------------------------------------------------------------------------
Finantstulud - 1 - 1
Finantskulud -1 518 -1 362 -2 960 -2 752
--------------------------------------------------------------------------------------------------------------------
Finantstulud ja -kulud
kokku -1 518 -1 361 -2 960 -2 751
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Maksueelne kasum/kahjum 2 687 -12 015 4 780 -9 981
--------------------------------------------------------------------------------------------------------------------
Tulumaks -444 888 -541 759
--------------------------------------------------------------------------------------------------------------------
Perioodi kasum/kahjum 2 243 -11 127 4 239 -9 222
--------------------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum/-kahjum
Rahavoogude
riskimaandamise
puhaskasum 575 241 1 296 451
Rahavoogude
riskimaandamise
puhaskasumiga seotud
tulumaks -51 -16 -115 -31
--------------------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või
kahjumisse
ümberliigitatav
tulumaksujärgne muu
koondkasum kokku 524 225 1 181 420
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Perioodi tulumaksujärgne
koondkasum/-kahjum kokku 2 767 -10 902 5 420 -8 802
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Tava- ja lahustatud
kasum/kahjum osaku kohta
(eurodes) 0,02 -0,09 0,04 -0,08
--------------------------------------------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 30.06.2022 31.12.2021
--------------------------------------------------------------------
Põhivarad
Kinnisvarainvesteeringud 320 029 315 959
Lõpetamata kinnisvarainvesteeringud 15 620 11 400
Immateriaalsed põhivarad 8 9
Materiaalsed põhivarad 2 2
Tuletisinstrumendid 439 -
Muud põhivarad 22 23
--------------------------------------------------------------------
Põhivarad kokku 336 120 327 393
--------------------------------------------------------------------
Käibevarad
Nõuded ostjate vastu ja muud nõuded 2 214 2 708
Ettemaksed 423 137
Raha ja raha ekvivalendid 8 738 16 100
--------------------------------------------------------------------
Käibevarad kokku 11 375 18 945
--------------------------------------------------------------------
Varad kokku 347 495 346 338
--------------------------------------------------------------------
Omakapital
Sissemakstud kapital 145 200 145 200
Rahavoogude riskimaandamise reserv 352 -829
Jaotamata kahjum -11 376 -11 787
--------------------------------------------------------------------
Omakapital kokku 134 176 132 584
--------------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad võlakohustised 102 765 157 471
Edasilükkunud tulumaksukohustised 6 959 6 297
Tuletisinstrumendid - 756
Muud pikaajalised kohustised 1 261 1 103
--------------------------------------------------------------------
Pikaajalised kohustised kokku 110 985 165 627
--------------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad võlakohustised 96 153 41 676
Võlad tarnijatele ja muud võlad 5 479 5 223
Tulumaksukohustis - 5
Tuletisinstrumendid 15 109
Muud lühiajalised kohustised 687 1 114
--------------------------------------------------------------------
Lühiajalised kohustised kokku 102 334 48 127
--------------------------------------------------------------------
Kohustised kokku 213 319 213 754
--------------------------------------------------------------------
Omakapital ja kohustised kokku 347 495 346 338
--------------------------------------------------------------------
Lisainformatsiooni saamiseks palume kontakteeruda:
Tarmo Karotam
Baltic Horizon Fond, fondijuht
E-mail: [email protected]
www.baltichorizon.com
Baltic Horizon Fond on registreeritud lepinguline avalik kinnine kinnisvarafond,
mida valitseb alternatiivfondivalitseja Northern Horizon Capital AS. Avaldamine:
GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com
Käesolev teade sisaldab informatsiooni, mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukuritarvituse määruse kohaselt. Informatsioon esitati
avaldamiseks 08.08.2022 kell 22:00 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Content of announcement in English
Title
BALTIC HORIZON FUND CONSOLIDATED UNAUDITED RESULTS FOR H1 2022
Message
Management Board of Northern Horizon Capital AS has approved the unaudited
consolidated interim financial statements of Baltic Horizon Fund (the Fund) for
the six months of 2022.
Distributions to unitholders for Q1 2022 and Q2 2022 Fund results
On 28 April 2022, the Fund declared a cash distribution of EUR 1,555 thousand
(EUR 0.013 per unit) to the Fund unitholders for Q1 2022 results. This
represents a 1.17% return on the weighted average Q1 2022 net asset value to its
unitholders.
On 28 July 2022, the Fund declared a cash distribution of EUR 1,555 thousand
(EUR 0.013 per unit) to the Fund unitholders for Q2 2022 results. This
represents a 1.17% return on the weighted average Q2 2022 net asset value to its
unitholders.
With reduced payouts over 2020, 2021 and 2022 in the light of prevailing market
uncertainty, the Fund has opted to retain EUR 7.2 million of distributable cash
flow.
EUR '000 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
-------------------------------------------------------------------------------
(+) Net rental income 4,357 4,676 3,798 4,193 4,482
(-) Fund administrative expenses (756) (735) (633) (659) (726)
(-) External interest expenses (1,311) (1,407) (1,408) (1,372) (1,403)
(-) CAPEX expenditure(1) (92) (38) (222) (266) (369)
(+) Extraordinary income related to
investment properties(2) - - 440 - 261
(+) Added back listing related
expenses - - - - -
(+) Added back acquisition related
expenses 5 9 32 1 5
-------------------------------------------------------------------------------
Generated net cash flow (GNCF) 2,203 2,505 2,007 1,897 2,250
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
GNCF per weighted unit (EUR) 0.018 0.021 0.017 0.016 0.019
12-months rolling GNCF yield(3 )(%) 7.0% 7.0% 6.8% 7.6% 8.0%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Dividends declared for the period 1,316 2,034 2,273 1,555 1,555
Dividends declared per unit(4 )(EUR) 0.011 0.017 0.019 0.013 0.013
12-months rolling dividend yield(3
)(%) 5.0% 4.5% 5.4% 6.3% 6.9%
-------------------------------------------------------------------------------
1. The table provides actual capital expenditures for the quarter. Future
dividend distributions to unitholders are aimed to be based on the annual
budgeted capital expenditure plans equalised for each quarter. This will
reduce the quarterly volatility of cash distributions to unitholders.
2. 12-month rolling GNCF and dividend yields are based on the closing market
price of the unit as at the end of the quarter (Q2 2022: closing market
price of the unit as of 30 June 2022).
3. Based on the number of units entitled to dividends.
Property valuations
In June 2022, the portfolio valuations were conducted by an independent real
estate appraiser Colliers. As of 30 June 2022, the fair value of the Baltic
Horizon Fund portfolio increased to EUR 335.6 million (31 December 2021: 327.4
million). In June 2022, the portfolio revaluation resulted in a fair value gain
of EUR 0.2 million (+0.1% of portfolio value) primarily due to the upward
revision of rent indexation and cash flow assumptions associated with high
inflation across Europe.
Net result and net rental income
The Group recorded a net profit of EUR 4.2 million for H1 2022 against a net
loss of EUR 9.2 million for H1 2021. The net result was mainly driven by strong
recovery of the Galerija Centrs operating performance as fewer COVID-19 rent
reliefs have been granted to tenants in 2022 and increased rent indexation. The
net result for H1 2021 was significantly impacted by the one-off negative
valuation result of EUR 14.3 million. Meanwhile in H1 2022, the valuation
resulted in a net fair value gain of EUR 0.2 million (+0.1% of portfolio value).
The positive impact of the increase in net rental income was also supplemented
by a decrease in administrative expenses and a grant of EUR 0.3 million received
from the Latvian government. Earnings per unit for H1 2022 were EUR 0.04 (H1
2021: EUR -0.08).
The Group earned net rental income of EUR 8.7 million in H1 2022 compared to
8.5 million in H1 2021. The results for H1 2021 still included EUR 0.6 million
of net rental income from G4S Headquarters, which was sold in Q4 2021 and did
not contribute to H1 2022 results. Rent indexations and recovery of income
improved the net rental income of the same portfolio mix (like-for-like
portfolio).
Gross Asset Value (GAV)
At the end of H1 2022, the Fund's GAV was EUR 347.5 million (31 December 2021:
EUR 346.3 million), 0.3% higher than at the end of the previous period. The
increase is mainly related to a positive property revaluation of EUR 0.2 million
and capital investments (EUR 4.1 million) in the Meraki office building
development project during H1 2022. The Fund aims to carry on with the
construction of the Meraki office building throughout 2022 and 2023. An
additional EUR 3.3 million was invested in other (re)development projects.
Net Asset Value (NAV)
At the end of H1 2022, the Fund's NAV slightly increased to EUR 134.2 million
(31 December 2021: EUR 132.6 million). Compared to the year-end 2021 NAV, the
Fund's NAV increased by 1.2%. The increase in operational performance, portfolio
valuations and positive cash flow hedge reserve movement of EUR 1.2 million over
the period was partially offset by a EUR 3.8 million dividend distribution to
the unitholders. As of 30 June 2022, IFRS NAV per unit rose to EUR 1.1215 (31
December 2021: EUR 1.1082), while EPRA net tangible assets and EPRA net
reinstatement value grew to EUR 1.2016 per unit (31 December 2021: EUR 1.1884).
EPRA net disposal value was EUR 1.1177 per unit (31 December 2021: EUR 1.1086).
Investment properties
The Baltic Horizon Fund portfolio consists of 14 cash flow generating investment
properties in the Baltic capitals and an investment property under construction
on the Meraki land plot. At the end of Q2 2022, the fair value of the Fund's
portfolio was EUR 335.7 million (31 December 2021: EUR 327.4 million) and
incorporated a total net leasable area of 144,215 sq. m. During H1 2022, the
Fund invested EUR 0.6 million in the existing property portfolio and EUR 7.5
million in the reconstruction or development projects.
Interest-bearing loans and bonds
Interest-bearing loans and bonds (excluding lease liabilities) were EUR 198.4
million, remaining at a level similar to year-end 2021 (31 December 2021: EUR
198.6 million). Outstanding bank loans decreased slightly due to regular bank
loan amortisation. Annual loan amortisation accounts for 0.3% of total debt
outstanding. All loans expiring during H1 2022 were prolonged with the original
loan providers.
Cash flow
Cash inflow from core operating activities for H1 2022 amounted to EUR 7.3
million (H1 2021: cash inflow of EUR 6.4 million). Cash outflow from investing
activities was EUR 7.6 million (H1 2021: cash outflow of EUR 2.7 million) due
to subsequent capital expenditure on existing portfolio properties and
investments in the Meraki, Postimaja and CC Plaza complex and Europa development
projects. Cash outflow from financing activities was EUR 7.1 million (H1 2021:
cash outflow of EUR 1.6 million). During H1 2022, the Fund made a cash
distribution of EUR 3.8 million and paid regular interest on bank loans and
bonds. At the end of H1 2022, the Fund's consolidated cash and cash equivalents
amounted to EUR 8.7 million (31 December 2021: EUR 16.1 million), which
demonstrates sufficient liquidity and financial flexibility. Available cash will
be used to continue with development projects.
Key earnings figures
EUR '000 Q2 2022 Q2 2021 Change (%)
-------------------------------------------------------------------------------
Net rental income 4,482 4,357 2.9%
Administrative expenses (726) (756) 4.0%
Other operating income 271 - -
Valuation gains (losses) on investment
properties 178 (14,255) 101.2%
Operating profit
(loss) 4,205 (10,654) 139.5%
Net financing costs (1,518) (1,361) (11.5%)
Profit (loss) before
tax 2,687 (12,015) 122.4%
Income tax (444) 888 (150.0%)
-------------------------------------------------------------------------------
Net profit (loss) for the
period 2,243 (11,127) 120.2%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Weighted average number of units
outstanding (units) 119,635,429 119,635,429 -
Earnings per unit (EUR) 0.02 (0.09) 120.2%
-------------------------------------------------------------------------------
Key financial position figures
EUR '000 30.06.2022 31.12.2021 Change (%)
-------------------------------------------------------------------------------
Investment properties in use 320,029 315,959 1.3%
Investment property under
construction 15,620 11,400 37.0%
Gross asset value (GAV) 347,495 346,338 0.3%
Interest-bearing loans and bonds 198,360 198,571 (0.1%)
Total
liabilities 213,319 213,754 (0.2%)
IFRS Net asset value (IFRS NAV) 134,176 132,584 1.2%
EPRA Net Reinstatement Value
(EPRA NRV) 143,752 142,176 1.1%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Number of units outstanding
(units) 119,635,429 119,635,429 -
IFRS Net asset value (IFRS NAV) per unit
(EUR) 1.1215 1.1082 1.2%
EPRA Net Reinstatement Value (EPRA NRV) per
unit (EUR) 1.2016 1.1884 1.1%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Loan-to-Value ratio (%) 59.1% 60.7% -
Average effective interest rate
(%) 2.8% 2.7% -
-------------------------------------------------------------------------------
During Q2 2022, the average actual occupancy of the portfolio was 93.4% (Q1
2022: 92.3%). The occupancy rate as of 30 June 2022 was 93.3% (31 March
2022: 92.4%). The overall occupancy rates in the portfolio rose after the
successful launch of the North Star office hotel and filling the premises with
small tenants. Increasing occupancy figures were supplemented with new leases in
Europa, Postimaja and Galerija Centrs. During the quarter, Sportland relocated
and expanded its premises to almost 1,000 sq. m in Galerija Centrs. In Europa,
Huracan Coffee opened its café of approx. 140 sq. m creating a new attraction
point for clients coming in from the main square of CBD. The opening of Huracan
marked the full reopening of Europa's entrances and public areas to clients
after the refurbishment.
Occupancy rates in the office segment remain strong at around 98%. Positive
momentum in office leasing is expected to continue in Q3 2022. Retail leasing
teams were expanded in H1 2022 to fasten the leasing process. The Fund is having
in-depth negotiations with potential anchor tenants for shopping centres. The
average direct property yield during Q2 2022 was 5.3% (Q1 2022: 5.0%). The net
initial yield for the whole portfolio for Q2 2022 rose to 5.6% (Q1 2022: 5.3%).
Property yields increased compared to Q1 2022 after a strong recovery of
Galerija Centrs results following the lift of lockdowns at the end of 2021 and
positive rent indexations across the portfolio.
Overview of the Fund's investment properties as of 30 June 2022
Direct Net
Property name Fair property initial
value(1) NLA yield yield Occupancy
Sector (EUR '000) (sq. m) Q2 2022(2) Q2 2022(3) rate
-------------------------------------------------------------------------------
Vilnius,
Lithuania
Duetto I Office 18,525 8,587 7.7% 6.5% 100.0%
Duetto II Office 20,253 8,674 7.7% 7.1% 100.0%
Europa SC Retail 38,757 16,844 1.8% 1.9% 84.5%
Domus Pro
Retail Park Retail 16,535 11,226 8.4% 8.1% 98.5%
Domus Pro
Office Office 8,010 4,831 8.7% 7.1% 97.3%
North Star Office 21,538 10,550 6.7% 6.8% 98.2%
Meraki
Development Office 15,620 - - - -
-------------------------------------------------------------------------------
Total Vilnius 139,238 60,712 5.6% 5.4% 94.9%
-------------------------------------------------------------------------------
Riga, Latvia
Upmalas Biroji
BC Office 21,978 10,459 7.5% 8.2% 100.0%
Vainodes I Office 18,470 8,052 6.6% 7.8% 100.0%
LNK Centre Office 17,660 7,452 6.8% 6.8% 100.0%
Sky SC Retail 5,693 3,244 8.1% 7.8% 97.6%
Galerija
Centrs Retail 64,910 20,075 3.1% 3.6% 77.2%
-------------------------------------------------------------------------------
Total Riga 128,711 49,282 5.0% 5.6% 90.6%
-------------------------------------------------------------------------------
Tallinn,
Estonia
Postimaja & CC
Plaza complex Retail 26,975 9,242 9.2% 7.6% 95.6%
Postimaja & CC
Plaza complex Leisure 14,525 8,664 3.6% 4.5% 100.0%
Lincona Office 16,900 10,871 7.3% 6.8% 90.8%
Pirita SC Retail 9,300 5,444 5.1% 6.7% 90.4%
-------------------------------------------------------------------------------
Total Tallinn 67,700 34,221 5.5% 6.0% 94.4%
-------------------------------------------------------------------------------
Total
portfolio 335,649 144,215 5.3% 5.6% 93.3%
-------------------------------------------------------------------------------
1. Based on the latest valuation as of 30 June 2022 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 01.04.2022-30.06.2022 01.04.2021-30.06.2021 01.01.2022-30.06.2022 01.01.2021-30.06.2021
---------------------------------------------------------------------------------------------------------
Rental income 5,111 4,835 10,070 9,512
Service charge
income 1,341 1,209 2,645 2,426
Cost of rental
activities (1,970) (1,687) (4,040) (3,408)
---------------------------------------------------------------------------------------------------------
Net rental
income 4,482 4,357 8,675 8,530
---------------------------------------------------------------------------------------------------------
Administrative
expenses (726) (756) (1,385) (1,501)
Other
operating
income 271 - 278 -
Valuation
gains (losses)
on investment
properties 178 (14,255) 172 (14,259)
---------------------------------------------------------------------------------------------------------
Operating
profit (loss) 4,205 (10,654) 7,740 (7,230)
---------------------------------------------------------------------------------------------------------
Financial
income - 1 - 1
Financial
expenses (1,518) (1,362) (2,960) (2,752)
---------------------------------------------------------------------------------------------------------
Net financial
expenses (1,518) (1,361) (2,960) (2,751)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Profit (loss)
before tax 2,687 (12,015) 4,780 (9,981)
---------------------------------------------------------------------------------------------------------
Income tax
charge (444) 888 (541) 759
---------------------------------------------------------------------------------------------------------
Profit (loss)
for the period 2,243 (11,127) 4,239 (9,222)
---------------------------------------------------------------------------------------------------------
Other comprehensive income that is or may be reclassified to profit or loss in subsequent periods
Net gain on
cash flow
hedges 575 241 1,296 451
Income tax
relating to
net gain on
cash flow
hedges (51) (16) (115) (31)
---------------------------------------------------------------------------------------------------------
Other
comprehensive
income, net of
tax, that is
or may be
reclassified
to profit or
loss in
subsequent
periods 524 225 1,181 420
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Total
comprehensive
income
(expense) for
the period,
net of tax 2,767 (10,902) 5,420 (8,802)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Basic and
diluted
earnings per
unit (EUR) 0.02 (0.09) 0.04 (0.08)
---------------------------------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 30.06.2022 31.12.2021
-------------------------------------------------------------------------------
Non-current assets
Investment properties 320,029 315,959
Investment property under construction 15,620 11,400
Intangible assets 8 9
Property, plant and equipment 2 2
Derivative financial instruments 439 -
Other non-current assets 22 23
-------------------------------------------------------------------------------
Total non-current assets 336,120 327,393
-------------------------------------------------------------------------------
Current assets
Trade and other receivables 2,214 2,708
Prepayments 423 137
Cash and cash equivalents 8,738 16,100
-------------------------------------------------------------------------------
Total current assets 11,375 18,945
-------------------------------------------------------------------------------
Total assets 347,495 346,338
-------------------------------------------------------------------------------
Equity
Paid in capital 145,200 145,200
Cash flow hedge reserve 352 (829)
Retained earnings (11,376) (11,787)
-------------------------------------------------------------------------------
Total equity 134,176 132,584
-------------------------------------------------------------------------------
Non-current liabilities
Interest-bearing loans and borrowings 102,765 157,471
Deferred tax liabilities 6,959 6,297
Derivative financial instruments - 756
Other non-current liabilities 1,261 1,103
-------------------------------------------------------------------------------
Total non-current liabilities 110,985 165,627
-------------------------------------------------------------------------------
Current liabilities
Interest-bearing loans and borrowings 96,153 41,676
Trade and other payables 5,479 5,223
Income tax payable - 5
Derivative financial instruments 15 109
Other current liabilities 687 1,114
-------------------------------------------------------------------------------
Total current liabilities 102,334 48,127
-------------------------------------------------------------------------------
Total liabilities 213,319 213,754
-------------------------------------------------------------------------------
Total equity and liabilities 347,495 346,338
-------------------------------------------------------------------------------
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
22:00 EET on 8 August 2022.