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
9932
Attachments
Submission date and time
07.11.2022 23:00:00
Content of announcement in Estonian
Title
Baltic Horizon Fondi 2022. aasta III kvartali konsolideeritud auditeerimata majandustulemused
Message
Northern Horizon Capital AS-i juhatus on kinnitanud Baltic Horizon Fondi (Fond)
auditeerimata konsolideeritud vahearuande tulemused 2022. aasta III kvartali
kohta.
Kinnisvarainvesteeringute hindamine
Kontserni 2022. aasta 9 kuu puhaskasum oli 6,1 miljonit eurot (9 kuud 2021:
puhaskahjum 6,9 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 9 kuu tulemit mõjutas märkimisväärselt ühekordne
kinnisvarainvesteeringute ümberhindluse kahjum summas 14,3 miljonit eurot.
2022. aasta 9 kuu jooksul 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 9 kuu kasum osaku kohta oli 0,05 eurot (9 kuud
2021: kahjum 0,06 eurot).
2022. aasta 9 kuu jooksul teenis kontsern 13,0 miljonit eurot puhast renditulu
(9 kuud 2021: 13,2 miljonit eurot). 2021. aasta 9 kuu tulemustes kajastus 2021.
aasta IV kvartalis müüdud G4S-i peahoone puhas renditulu summas 0,9 miljonit
eurot. 2022. aasta 9 kuu tulemusi G4S enam ei mõjutanud. Rendihindade
indekseerimine ja tulude taastumine suurendasid sama koosseisuga (võrreldava)
portfelli puhast renditulu. Portfelli EPRA võrreldav puhas renditulu suurenes
eelmise aasta sama perioodiga võrreldes 5,9% peamiselt kaubandussegmendi,
sealhulgas eelkõige Galerija Centrsi, paremate tulemuste tõttu.
Fondi südalinna kaubandussegment ei ole koroonapandeemiast tingitud täitumuse
langusest veel täielikult taastunud. Kui kaubandussegmenti kuuluvate varade
tulemused taastuvad koroonaeelsele tasemele ja Meraki esimese torni
väljarentimine läheb edukalt, võib portfelli tootlus kerkida 6,5-7,0%-ni.
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%.
2022. aasta III kvartali ja 2022. aasta IV kvartali osakuomanike väljamaksete
tulemused avalikustatakse koos 2023. aasta alguse tulemustega.
III kv IV kv I kv II kv III kv
Tuhandetes eurodes 2021 2021 2022 2022 2022
-------------------------------------------------------------------------------
(+) Puhas renditulu 4 676 3 798 4 193 4 482 4 298
(-) Fondi halduskulud -735 -633 -659 -726 -752
(-) Välised intressikulud -1 407 -1 408 -1 372 -1 403 -1 441
(-) Kapitalikulud(1) -38 -222 -266 -369 -237
(+) Kinnisvarainvesteeringutega seotud
erakorraline tulu(2) - 440 - 261 -
(+) Tagasi lisatud noteerimisega seotud
kulud - - - - -
(+) Tagasi lisatud omandamisega seotud
kulud 9 32 1 5 -
-------------------------------------------------------------------------------
Genereeritud neto rahavoog (GNR) 2 505 2 007 1 897 2 250 1 858
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
GNR kaalutud osaku kohta (eurodes) 0,021 0,017 0,016 0,019 0,016
12 kuu jooksev GNR tootlus( 3 )(%) 7,0% 6,8% 7,6% 8,0% 9,4%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Väljakuulutatud väljamaksed 2 034 2 273 1 555 1 555 -
-------------------------------------------------------------------------------
Väljakuulutatud väljamaksed osaku kohta(4
)(eurodes) 0,017 0,019 0,013 0,013 -
-------------------------------------------------------------------------------
12 kuu jooksev dividenditootlus(3 )(%) 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 III kvartali osaku turuhind on
esitatud seisuga 30. september 2022).
4. Väljamaksele õigust omavate osakute arvu alusel.
Europa ostukeskuse rekonstrueerimise lõpetamine
Europa ostukeskuse renoveerimisprojekt lõpetati 2022. aasta III kvartalis.
2021. aasta septembris alanud rekonstrueerimine toimus kahes etapis. Esimene
etapp lõpetati 24. jaanuaril 2022, kui avati täielikult väljarenditud toiduala
Dialogai (900 ruutmeetrit). Esimese korruse liikumis- ja puhkealad, amfiteater,
pagaritoodete ala ja uued eskalaatorid esimeselt neljandale korrusele valmisid
2022. aasta I ja II kvartalis ning kaupluste fassaadid, liftide vahetus ning
kolmanda ja neljanda korruse pindade lõplik kohandamine viidi lõpule 2022. aasta
III kvartalis. Europa ostukeskus avati taas 8. septembril 2022.
Meraki büroohoone valmimine
Fondi Domus Pro kompleksi kõrval valmis Fondil 2022. aasta septembris kaasaegse
büroohoone Meraki ehituse esimene etapp, mis hõlmas esimese bürootorni ja kogu
kompleksi maa-aluse parkimismaja ehitust. Esimene torn võeti renditegevuses
kasutusele 2022. aasta III kvartalis. Kokku on esimeses tornis 8133 ruutmeetrit
renditavat pinda. Fond on võtnud eesmärgiks taotleda valmis hoonele BREEAM-i
sertifikaati hinnanguga ?suurepärane".
GRESB-i hinnang
2022. aasta III kvartalis sai Baltic Horizon esimest korda GRESB-i 4 tärni
hinnangu, mis ületas Fondi esialgset eesmärki saavutada 3 tärni. Lisaks sai
Baltic Horizon Fund 2022. aasta GRESB-i avalikustamisaruandes esmakordselt A-
reitingu. GRESB-i kinnisvarahinnang on investorite huvidest lähtuv ülemaailmne
börsil noteeritud kinnisvaraettevõtete, kinnisvarasse investeerivate
erakapitalifondide, arendajate ja kinnisvarasse otseinvesteeringuid tegevate
investorite võrdlus- ja aruandlusraamistik. GRESB-i kõrge hinnang näitab Fondi
järjepidevat tööd ESG valdkonnas.
Varade brutoväärtus (GAV)
Fondi varade brutoväärtus kasvas aruandeperioodil 0,8%, tõustes 2022. aasta 9
kuu lõpuks 349,2 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 9 kuu jooksul tehtud
kapitaliinvesteeringud (5,7 miljonit eurot) Meraki büroohoone arendusprojekti.
Lisaks investeeris Fond 4,5 miljonit eurot teistesse (ümber)arendusprojektidesse
Varade puhasväärtus (NAV)
Fondi varade puhasväärtus pisut suurenes ja oli 2022. aasta III kvartali lõpu
seisuga 135,7 miljonit eurot (31. detsember 2021: 132,6 miljonit eurot). Fondi
varade puhasväärtus suurenes eelmise aasta lõpuga võrreldes 2,4%. Perioodi
positiivseid tegevustulemusi ja kinnisvarainvesteeringute ümberhindamisi ning
positiivset rahavoo riskimaandamise reservi muutust summas 2,4 miljonit eurot
tasakaalustas osaliselt osakuomanikele tehtud väljamakse summas 5,4 miljonit
eurot. Seisuga 30. september 2022 oli osaku IFRS puhasväärtus 1,1345 eurot (31.
detsember 2021: 1,1082 eurot) ning EPRA puhas materiaalne põhivara ja EPRA puhas
taastamisväärtus olid 1,2071 eurot (31. detsember 2021: 1,1884 eurot) osaku
kohta. EPRA puhas võõrandamisväärtus oli 1,1299 eurot (31. detsember
2021: 1,1086 eurot) osaku kohta.
Kinnisvarainvesteeringud
Baltic Horizoni portfelli kuulub 15 Balti riikide pealinnades asuvat rahavooga
kinnisvarainvesteeringut. 2022. aasta III kvartali lõpus oli Fondi portfelli
õiglane väärtus 338,6 miljonit eurot (31. detsember 2021: 327,4 miljonit eurot)
ja renditavat netopinda oli kokku 151 401 ruutmeetrit. Fondi portfelli kuuluvat
pinda on suurendanud Meraki büroohoone esimene torn, mis võeti kasutusele 2022.
aasta septembris.
Intressikandvad laenud ja võlakirjad
Intressikandvad laenud ja võlakirjad (ei sisalda rendikohustisi) moodustasid
198,3 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.
Rahavood
2022. aasta 9 kuu äritegevuse rahavoog oli positiivne summas 10,8 miljonit eurot
(9 kuud 2021: positiivne summas 9,7 miljonit eurot). Investeerimistegevuse
rahavoog oli olemasolevasse kinnisvaraportfelli tehtud täiendavate
investeeringute ning Meraki, Postimaja ja CC Plaza kompleksi ning Europa
arendusprojektide rahastamise tõttu 2022. aasta 9 kuu jooksul negatiivne summas
11,1 miljonit eurot (9 kuud 2021: negatiivne summas 4,0 miljonit eurot).
Finantseerimistegevuse rahavoog oli negatiivne summas 10,9 miljonit eurot (9
kuud 2021: negatiivne summas 4,4 miljonit eurot). 2022. aasta 9 kuu jooksul tegi
Fond osakuomanikele rahalise väljamakse summas 5,4 miljonit eurot ja maksis
pangalaenudelt ja võlakirjadelt regulaarseid intresse ning preemiat intressi
ülemmääralt.
2022. aasta III kvartali lõpus oli Fondil raha ja raha ekvivalente summas 4,9
miljonit eurot (31. detsember 2021: 16,1 miljonit eurot). Tegevuskulud on
täielikult kaetud renditegevusest laekuvate rahavoogudega.
Peamised kasumlikkuse näitajad
Tuhandetes eurodes III kv 2022 III kv 2021 Muutus (%)
------------------------------------------------------------------------------
Puhas renditulu 4 298 4 676 -8,1%
Halduskulud -752 -735 -2,3%
Muu äritulu - 4 -100,0%
Kinnisvarainvesteeringute ümberhindluse
kahjum -14 -5 -180,0%
Ärikasum 3 532 3 940 -10,4%
Finantstulud ja -kulud
(neto) -1 502 -1 470 -2,2%
Maksueelne kasum 2 030 2 470 -17,8%
Tulumaks -132 -127 -3,9%
------------------------------------------------------------------------------
Perioodi puhaskasum 1 898 2 343 -19,0%
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud
keskmine arv 119 635 429 119 635 429 -
Kasum osaku kohta (eurodes) 0,02 0,02 -
------------------------------------------------------------------------------
Peamised finantsseisundi näitajad
Tuhandetes
eurodes 30.09.2022 31.12.2021 Muutus (%)
-------------------------------------------------------------------------------
Kasutuses olevad
kinnisvarainvesteeringud 338 638 315 959 7,2%
Lõpetamata
kinnisvarainvesteeringud - 11 400 -100,0%
Varade brutoväärtus (GAV) 349 181 346 338 0,8%
Intressikandvad laenud ja
võlakirjad 198 282 198 571 -0,1%
Kohustised
kokku 213 457 213 754 -0,1%
-------------------------------------------------------------------------------
IFRS varade puhasväärtus (IFRS
NAV) 135 724 132 584 2,4%
EPRA puhas taastamisväärtus (EPRA
NRV) 144 413 142 176 1,6%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute arv 119 635 429 119 635 429 -
Osaku puhasväärtus - IFRS NAV osaku kohta
(eurodes) 1,1345 1,1082 2,4%
EPRA puhas taastamisväärtus (NRV) osaku
kohta (eurodes) 1,2071 1,1884 1,6%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Laenu tagatuse suhtarv (%) 58,6% 60,7% -
Keskmine sisemine intressimäär (%) 2,8% 2,7% -
-------------------------------------------------------------------------------
Fondi kinnisvarainvesteeringute portfelli keskmine tegelik täitumus oli 2022.
aasta III kvartalis 92,5% (II kv 2022: 93,4%). Seisuga 30. september 2022 oli
täitumus 90,0% (30. juuni 2022: 93,3%). Portfelli üldine täitumus vähenes Meraki
esimese torni arenduse valmimise tõttu. Esimesed rentnikud kolisid sisse 2022.
aasta septembris. Septembris suurenes portfelli täitumus ilma Meraki hoone
mõjuta 93,8%-ni. Täitumuse kasvu toetasid uued rendilepingud Europa ja Pirita
ostukeskustes. Europa ostukeskus rentis peaaegu 500 ruutmeetrit pinda Leedu
Punasele Ristile, kes kolis sisse 2022. aasta III kvartalis. Elektroonikakaupade
müüja Avitelos prekyba avas ligikaudu 460-ruutmeetrise poe ning täiendas
ostukeskuse tootevalikut elektroonikatoodetega.
Büroosegmendi täitumust mõjutab tugevalt Meraki büroohoone valmimine. Hoone
võeti kasutusele septembris täitumusega 23,4%. Kui Meraki välja arvata, näitas
büroosegment endiselt tugevaid tulemusi: 2022. aasta III kvartalis oli täitumus
ligikaudu 97,6%. Enamik vabadest pindadest olid ajutised, kuna rendilepingud on
sõlmitud ja rentnikud kolivad varsti sisse. Näiteks Vainodes I ja North Star on
praeguseks täielikult välja renditud. Rendiprotsessi kiirendamiseks suurendati
2022. aastal nii kaubandus- kui ka büroosegmendis rentimisega tegelevaid
meeskondi. Alanud on põhjalikud läbirääkimised ostukeskuste võimalike
ankurrentnikega. Paljusid rendilepinguid pikendati 2022. aasta II ja III
kvartalis, mis suurendas märkimisväärselt Fondi WAULT-i (kaalutud keskmine
kehtiv rendiperiood). Kinnisvarainvesteeringute keskmine otsene tootlus oli
2022. aasta III kvartalis 5,0% (II kv 2022: 5,3%) ja kogu portfelli esmane
puhastootlus 5,3% (II kv 2022: 5,6%). 2022. aasta II kvartaliga võrreldes
tootlus vähenes, sest energiahindade järsk tõus Balti riikides suurendas
kulusid, mida ei saa rentnikele edasi esitada).
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 30. september 2022
Õiglane Otsene Esmane
väärtus(1) Renditav tootlus puhastootlus
(tuhandetes netopind III kv III kv Täitumuse
Kinnisvarainvesteering Segment eurodes) (m(2)) 2022(2) 2022(3) määr
-------------------------------------------------------------------------------------
Vilnius, Leedu
Duetto I Büroo 18 525 8 587 8,1% 6,6% 97,6%
Duetto II Büroo 20 284 8 674 7,4% 6,7% 100,0%
Europa ostukeskus Kaubandus 39 610 16 901 3,0% 3,3% 87,3%
Domus Pro ostukeskus Kaubandus 16 543 11 226 7,9% 7,5% 98,5%
Domus Pro ärikeskus Büroo 8 010 4 830 8,3% 6,7% 97,3%
North Star ärikeskus Büroo 21 593 10 579 6,3% 6,2% 98,1%
Meraki arendus Büroo 17 194 8 113 - - 23,4%
-------------------------------------------------------------------------------------
Vilniuses kokku 141 759 68 910 5,5% 5,3% 86,8%
-------------------------------------------------------------------------------------
Riia, Läti
Upmalas Biroji
bürookompleks Büroo 21 979 10 459 6,3% 6,9% 98,8%
Vainodes I Büroo 18 481 8 052 6,3% 7,4% 95,2%
LNK Centre Büroo 17 668 7 452 6,6% 6,5% 100,0%
Sky ostukeskus Kaubandus 5 693 3 240 7,4% 6,6% 97,6%
Galerija Centrs Kaubandus 65 005 19 171 2,4% 2,8% 80,5%
-------------------------------------------------------------------------------------
Riias kokku 128 826 48 374 4,3% 4,8% 91,1%
-------------------------------------------------------------------------------------
Tallinn, Eesti
Postimaja ja CC Plaza Kaubandus 27 082 9 232 3,6% 4,7% 95,6%
Postimaja ja CC Plaza Vaba aeg 14 525 8 664 8,1% 6,6% 100,0%
Lincona Büroo 17 079 10 780 7,1% 6,7% 91,5%
Pirita ostukeskus Kaubandus 9 367 5 441 6,1% 8,1% 92,6%
-------------------------------------------------------------------------------------
Tallinnas kokku 68 053 34 117 5,4% 6,1% 95,0%
-------------------------------------------------------------------------------------
Portfell kokku 338 638 151 401 5,0% 5,3% 90,0%
-------------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 30. juuni 2022 teostatud hindamisel, hilisematel
kapitalikuludel 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
01.01.2021-
Tuhandetes eurodes 01.07.2022-30.09.2022 01.07.2021- 30.09.2021 01.01.2022-30.09.2022 30.09.2021
---------------------------------------------------------------------------------------------------------
Renditulu 5 352 5 332 15 422 14 844
Teenustasutulu 1 362 1 271 4 007 3 697
Renditegevuse kulud -2 416 -1 927 -6 456 -5 335
---------------------------------------------------------------------------------------------------------
Puhas renditulu 4 298 4 676 12 973 13 206
---------------------------------------------------------------------------------------------------------
Halduskulud -752 -735 -2 137 -2 236
Muu äritulu - 4 278 4
Kinnisvarainvesteeringute
ümberhindluse
kasum/kahjum -14 -5 158 -14 264
---------------------------------------------------------------------------------------------------------
Ärikasum/-kahjum 3 532 3 940 11 272 -3 290
---------------------------------------------------------------------------------------------------------
Finantstulud 1 - 1 1
Finantskulud -1 503 -1 470 -4 463 -4 222
---------------------------------------------------------------------------------------------------------
Finantstulud ja -kulud
kokku -1 502 -1 470 -4 462 -4 221
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Maksueelne kasum/kahjum 2 030 2 470 6 810 -7 511
---------------------------------------------------------------------------------------------------------
Tulumaks -132 -127 -673 632
---------------------------------------------------------------------------------------------------------
Perioodi kasum/kahjum 1 898 2 343 6 137 -6 879
---------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum/-kahjum
Rahavoogude
riskimaandamise
puhaskasum 1 308 168 2 604 619
Rahavoogude
riskimaandamise
puhaskasumiga/
-kahjumiga seotud
tulumaks -102 -3 -217 -34
---------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või
kahjumisse
ümberliigitatav
tulumaksujärgne muu
koondkasum kokku 1 206 165 2 387 585
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Perioodi tulumaksujärgne
koondkasum/-kahjum kokku 3 104 2 508 8 524 -6 294
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Tava- ja lahustatud
kasum/kahjum osaku kohta
(eurodes) 0,02 0,02 0,05 -0,06
---------------------------------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 30.09.2022 31.12.2021
------------------------------------------------------------------------
Põhivarad
Kinnisvarainvesteeringud 338 638 315 959
Lõpetamata kinnisvarainvesteeringud - 11 400
Immateriaalsed põhivarad 7 9
Materiaalsed põhivarad 2 2
Tuletisinstrumendid 2 126 -
Muud põhivarad - 23
------------------------------------------------------------------------
Põhivarad kokku 340 773 327 393
------------------------------------------------------------------------
Käibevarad
Nõuded ostjate vastu ja muud nõuded 2 746 2 708
Ettemaksed 507 137
Tuletisinstrumendid 301 -
Raha ja raha ekvivalendid 4 854 16 100
Käibevarad kokku 8 408 18 945
------------------------------------------------------------------------
Varad kokku 349 181 346 338
------------------------------------------------------------------------
Omakapital
Sissemakstud kapital 145 200 145 200
Rahavoogude riskimaandamise reserv 1 558 -829
Jaotamata kahjum -11 034 -11 787
------------------------------------------------------------------------
Omakapital kokku 135 724 132 584
------------------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad võlakohustised 82 836 157 471
Edasilükkunud tulumaksukohustised 7 170 6 297
Tuletisinstrumendid - 756
Muud pikaajalised kohustised 1 335 1 103
------------------------------------------------------------------------
Pikaajalised kohustised kokku 91 341 165 627
------------------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad võlakohustised 115 992 41 676
Võlad tarnijatele ja muud võlad 5 369 5 223
Tulumaksukohustis 1 5
Tuletisinstrumendid 5 109
Muud lühiajalised kohustised 749 1 114
------------------------------------------------------------------------
Lühiajalised kohustised kokku 122 116 48 127
------------------------------------------------------------------------
Kohustised kokku 213 457 213 754
------------------------------------------------------------------------
Omakapital ja kohustised kokku 349 181 346 338
------------------------------------------------------------------------
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 07.11.2022 kell 23:00 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Content of announcement in English
Title
Baltic Horizon Fund consolidated unaudited results for Q1-Q3 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 first nine months of 2022.
Net result and net rental income
The Group recorded a net profit of EUR 6.1 million for Q1-Q3 2022 against a net
loss of EUR 6.9 million for Q1-Q3 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 Q1-Q3 2021 was significantly impacted by the
one-off negative valuation result of EUR 14.3 million. Meanwhile in Q1-Q3 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 Q1-Q3
2022 were EUR 0.05 (Q1-Q3 2021: EUR -0.06).
The Group earned net rental income of EUR 13.0 million in Q1-Q3 2022 compared to
13.2 million in Q1-Q3 2021. The results for Q1-Q3 2021 still included EUR 0.9
million of net rental income from G4S Headquarters, which was sold in Q4 2021
and did not contribute to Q1-Q3 2022 results. Rent indexations and the recovery
of income improved the net rental income of the same portfolio mix (like-for-
like portfolio). On an EPRA like-for-like basis, portfolio net rental income
increased by 5.9% year on year, mainly due to higher performance in the retail
segment, especially in Galerija Centrs.
Retail assets still have not fully recovered from decreased occupancy levels
caused by the COVID-19 pandemic. Assuming the recovery of Fund's central retail
assets to pre-COVID levels and successful leasing progress on the first tower of
Meraki, the portfolio yield could reach 6.5%-7.0%.
Distributions to unitholders for Q1 2022, Q2 2022 and Q3 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.
Cash distributions for Q3 2022 and Q4 2022 results will be announced together at
the beginning of 2023.
EUR '000 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022
-------------------------------------------------------------------------------
(+) Net rental income 4,676 3,798 4,193 4,482 4,298
(-) Fund administrative expenses (735) (633) (659) (726) (752)
(-) External interest expenses (1,407) (1,408) (1,372) (1,403) (1,441)
(-) CAPEX expenditure(1) (38) (222) (266) (369) (247)
(+) Extraordinary income related to
investment properties(2) - 440 - 261 -
(+) Added back listing related
expenses - - - - -
(+) Added back acquisition related
expenses 9 32 1 5 -
-------------------------------------------------------------------------------
Generated net cash flow (GNCF) 2,505 2,007 1,897 2,250 1,858
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
GNCF per weighted unit (EUR) 0.021 0.017 0.016 0.019 0.016
12-months rolling GNCF yield(3 )(%) 7.0% 6.8% 7.6% 8.0% 9.4%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Dividends declared for the period 2,034 2,273 1,555 1,555 -
Dividends declared per unit(4 )(EUR) 0.017 0.019 0.013 0.013 -
12-months rolling dividend yield(3
)(%) 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 (Q3 2022: closing market
price of the unit as of 30 September 2022).
3. Based on the number of units entitled to dividends.
Completion of Europa SC reconstruction
The Europa SC refurbishment project was fully completed in Q3 2022.
Reconstruction works started in September 2021 with the aim to finish
reconstruction in two stages. The first stage was completed with the opening of
the fully leased out food hall Dialogai (900 sq. m) on 24 January 2022. The
interior of the ground floor passage, the lounge zones, an amphitheatre, the
bakery zone and new escalators from the ground to the 3rd floor were completed
in Q1 and Q2 2022, while the shop fronts, the elevator change and final fit-out
works on the 2nd and 3rd floors were completed in Q3 2022. Reopening of the
Europa SC took place on 8 September 2022.
Completion of the first Meraki office building
The Fund completed the first stage in the construction of the modern office
building Meraki in September 2022 adjacent to the Fund's Domus Pro complex. The
first stage included the construction of the first Meraki office tower and the
underground parking house for the entire asset. The first tower was already
commissioned for rental activities in Q3 2022. In total, 8,133 sq. m of net
leasable area can be offered to tenants in the first tower. The Funds aims to
receive the BREEAM "Excellent" certification for the completed building.
GRESB benchmarking
In Q3 2022, Baltic Horizon received the GRESB 4 star rating for the first time,
exceeding its initial goal of 3 stars. In addition, for the first time Baltic
Horizon received an A-rating in the 2022 GRESB Public Disclosure Report. The
GRESB Real Estate Assessment is an investor-driven global ESG benchmark and
reporting framework for listed property companies, private property funds,
developers and investors that invest directly in real estate. The achievement of
GRESB ratings confirms the Fund's continuous efforts in the ESG field.
Gross Asset Value (GAV)
At the end of Q3 2022, the Fund's GAV was EUR 349.2 million (31 December 2021:
EUR 346.3 million), 0.8% 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 5.7 million) in the Meraki office building
development project during Q1-Q3 2022. An additional EUR 4.5 million was
invested in other (re)development projects.
Net Asset Value (NAV)
At the end of Q3 2022, the Fund's NAV slightly increased to EUR 135.7 million
(31 December 2021: EUR 132.6 million). Compared to the year-end 2021 NAV, the
Fund's NAV increased by 2.4%. The increase in operational performance, portfolio
valuations and positive cash flow hedge reserve movement of EUR 2.4 million over
the period was partially offset by a EUR 5.4 million dividend distribution to
the unitholders. As of 30 September 2022, IFRS NAV per unit rose to EUR 1.1345
(31 December 2021: EUR 1.1082), while EPRA net tangible assets and EPRA net
reinstatement value grew to EUR 1.2071 per unit (31 December 2021: EUR 1.1884).
EPRA net disposal value was EUR 1.1299 per unit (31 December 2021: EUR 1.1086).
Investment properties
The Baltic Horizon Fund portfolio consists of 15 cash flow generating investment
properties in the Baltic capitals. At the end of Q3 2022, the fair value of the
Fund's portfolio was EUR 338.6 million (31 December 2021: EUR 327.4 million) and
incorporated a total net leasable area of 151,401 sq. m. The first tower of the
Meraki office building was commissioned in September 2022, which added
additional area to the Fund's portfolio.
Interest-bearing loans and bonds
Interest-bearing loans and bonds (excluding lease liabilities) were EUR 198.3
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.
Cash flow
Cash inflow from core operating activities for Q1-Q3 2022 amounted to EUR 10.8
million (Q1-Q3 2021: cash inflow of EUR 9.7 million). Cash outflow from
investing activities was EUR 11.1 million (Q1-Q3 2021: cash outflow of EUR 4.0
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 10.9
million (Q1-Q3 2021: cash outflow of EUR 4.4 million). During Q1-Q3 2022, the
Fund made a cash distribution of EUR 5.4 million, paid regular interest on bank
loans and bonds and paid premiums on interest rate caps. At the end of Q3 2022,
the Fund's consolidated cash and cash equivalents amounted to EUR 4.9 million
(31 December 2021: EUR 16.1 million). Operating costs are fully covered by cash
flows generated by rental activities.
Key earnings figures
EUR '000 Q3 2022 Q3 2021 Change (%)
-------------------------------------------------------------------------------
Net rental income 4,298 4,676 (8.1%)
Administrative
expenses (752) (735) (2.3%)
Other operating income - 4 (100.0%)
Valuation losses on investment properties (14) (5) (180.0%)
Operating profit 3,532 3,940 (10.4%)
Net financing
costs (1,502) (1,470) (2.2%)
Profit before tax 2,030 2,470 (17.8%)
Income tax (132) (127) (3.9%)
-------------------------------------------------------------------------------
Net profit for the
period 1,898 2,343 (19.0%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Weighted average number of units
outstanding (units) 119,635,429 119,635,429 -
Earnings per unit
(EUR) 0.02 0.02 -
-------------------------------------------------------------------------------
Key financial position figures
EUR '000 30.09.2022 31.12.2021 Change (%)
-------------------------------------------------------------------------------
Investment properties in use 338,638 315,959 7.2%
Investment property under
construction - 11,400 (100.0%)
Gross asset value (GAV) 349,181 346,338 0.8%
Interest-bearing loans and bonds 198,282 198,571 (0.1%)
Total
liabilities 213,457 213,754 (0.1%)
-------------------------------------------------------------------------------
IFRS Net asset value (IFRS NAV) 135,724 132,584 2.4%
EPRA Net Reinstatement Value
(EPRA NRV) 144,413 142,176 1.6%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Number of units outstanding
(units) 119,635,429 119,635,429 -
IFRS Net asset value (IFRS NAV) per unit
(EUR) 1.135 1.1082 2.4%
EPRA Net Reinstatement Value (EPRA NRV) per
unit (EUR) 1.2071 1.1884 1.6%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Loan-to-Value ratio (%) 59.1% 60.7% -
Average effective interest rate
(%) 2.8% 2.7% -
-------------------------------------------------------------------------------
During Q3 2022, the average actual occupancy of the portfolio was 92.5% (Q2
2022: 93.4%). The occupancy rate as of 30 September 2022 was 90.0% (30 June
2022: 93.3%). The overall occupancy rate in the portfolio decreased due to the
completion of the development of the first tower of the Meraki building. The
first tenants moved to the premises in September 2022. As of September 2022, the
occupancy rate of the portfolio, excluding the impact of the Meraki building,
increased to 93.8%. Increasing occupancy figures were supplemented with new
leases in the Europa SC and the Pirita SC. The Europa SC leased almost 500 sq. m
to the Lithuanian Red cross which moved into the premises in Q3 2022. Consumer
electronics retailer Avitelos prekyba opened its shop of approx. 460 sq. m and
added electronic goods products to the product mix offered in the shopping
centre.
Occupancy rates in the office segment were strongly impacted by the completed
Meraki office development. The building was commissioned in September with an
occupancy rate of 23.4%. Excluding the Meraki building, the office segment
remained strong at around 97.6% occupancy during Q3 2022. Most remaining
vacancies were temporary as lease agreements have been signed and tenants will
be moving in soon. Vainodes I and North Star are now fully occupied. The Fund's
retail and office leasing teams were expanded in 2022 to speed up the leasing
process.
The Fund is having in-depth negotiations with potential anchor tenants for the
shopping centres. Many leases in the portfolio were prolonged during Q2 and Q3
2022 resulting in a significantly increased Fund's WAULT. The average direct
property yield during Q3 2022 was 5.0% (Q2 2022: 5.3%). The net initial yield
for the whole portfolio for Q3 2022 was 5.3% (Q2 2022: 5.6%). Property yields
decreased compared to Q2 2022 after an increase in unrecovered property costs
due to surging energy prices in the Baltics.
Overview of the Fund's investment properties as of 30 September 2022
Direct Net
Property name Sector Fair property initial
value(1) NLA yield yield Occupancy
(EUR '000) (sq. m) Q3 2022(2) Q3 2022(3) rate
-------------------------------------------------------------------------------
Vilnius,
Lithuania
Duetto I Office 18,525 8,587 8.1% 6.6% 97.6%
Duetto II Office 20,284 8,674 7.4% 6.7% 100.0%
Europa SC Retail 39,610 16,901 3.0% 3.3% 87.3%
Domus Pro Retail
Retail Park 16,543 11,226 7.9% 7.5% 98.5%
Domus Pro Office
Office 8,010 4,830 8.3% 6.7% 97.3%
North Star Office 21,593 10,579 6.3% 6.2% 98.1%
Meraki(4 ) Office 17,194 8,113 - - 23.4%
-------------------------------------------------------------------------------
Total Vilnius 141,759 68,910 5.5% 5.3% 86.8%
-------------------------------------------------------------------------------
Riga, Latvia
Upmalas Office
Biroji BC 21,979 10,459 6.3% 6.9% 98.8%
Vainodes I Office 18,481 8,052 6.3% 7.4% 95.2%
LNK Centre Office 17,668 7,452 6.6% 6.5% 100.0%
Sky SC Retail 5,693 3,240 7.4% 6.6% 97.6%
Galerija Retail
Centrs 65,005 19,171 2.4% 2.8% 80.5%
-------------------------------------------------------------------------------
Total Riga 128,826 48,374 4.3% 4.8% 91.1%
-------------------------------------------------------------------------------
Tallinn,
Estonia
Postimaja &
CC Plaza Retail
complex 27,082 9,232 3.6% 4.7% 95.6%
Postimaja &
CC Plaza Leisure
complex 14,525 8,664 8.1% 6.6% 100.0%
Lincona Office 17,079 10,780 7.1% 6.7% 91.5%
Pirita SC Retail 9,367 5,441 6.1% 8.1% 92.6%
-------------------------------------------------------------------------------
Total Tallinn 68,053 34,117 5.4% 6.1% 95.0%
-------------------------------------------------------------------------------
Total
portfolio 338,638 151,401 5.0% 5.3% 90.0%
-------------------------------------------------------------------------------
1. Based on the latest valuation as of 30 June 2022, subsequent capital
expenditure 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.
4. The Fund completed the development of the first tower of Meraki building in
September 2022. Rental income will be received starting from October 2022.
Initial rental costs were recognised in September 2022.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
01.01.2021-
EUR '000 01.07.2022-30.09.2022 01.07.2021- 30.09.2021 01.01.2022-30.09.2022 30.09.2021
------------------------------------------------------------------------------------------------
Rental income 5,352 5,332 15,422 14,844
Service charge
income 1,362 1,271 4,007 3,697
Cost of rental
activities (2,416) (1,927) (6,456) (5,335)
------------------------------------------------------------------------------------------------
Net rental
income 4,298 4,676 12,973 13,206
------------------------------------------------------------------------------------------------
Administrative
expenses (752) (735) (2,137) (2,236)
Other
operating
income - 4 278 4
Valuation
gains (losses)
on investment
properties (14) (5) 158 (14,264)
------------------------------------------------------------------------------------------------
Operating
profit (loss) 3,532 3,940 11,272 (3,290)
------------------------------------------------------------------------------------------------
Financial
income 1 - 1 1
Financial
expenses (1,503) (1,470) (4,463) (4,222)
------------------------------------------------------------------------------------------------
Net financial
expenses (1,502) (1,470) (4,462) (4,221)
------------------------------------------------------------------------------------------------
Profit (loss)
before tax 2,032 2,470 6,812 (7,511)
Income tax
charge (132) (127) (673) 632
------------------------------------------------------------------------------------------------
Profit (loss)
for the period 1,898 2,343 6,137 (6,879)
------------------------------------------------------------------------------------------------
Other comprehensive income that is or may be reclassified to profit or loss in subsequent
periods
Net gain on
cash flow
hedges 1,308 168 2,604 619
Income tax
relating to
net gain
(loss) on cash
flow hedges (102) (3) (217) (34)
------------------------------------------------------------------------------------------------
Other
comprehensive
income, net of
tax, that is
or may be
reclassified
to profit or
loss in
subsequent
periods 1,206 165 2,387 585
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total
comprehensive
income
(expense) for
the period,
net of tax 3,104 2,508 8,524 (6,294)
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Basic and
diluted
earnings per
unit (EUR) 0.02 0.02 0.05 (0.06)
------------------------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 30.09.2022 31.12.2021
-----------------------------------------------------------------------
Non-current assets
Investment properties 338,638 315,959
Investment property under construction - 11,400
Intangible assets 7 9
Property, plant and equipment 2 2
Derivative financial instruments 2,126 -
Other non-current assets - 23
-----------------------------------------------------------------------
Total non-current assets 340,773 327,393
-----------------------------------------------------------------------
Current assets
Trade and other receivables 2,746 2,708
Prepayments 507 137
Derivative financial instruments 301 -
Cash and cash equivalents 4,854 16,100
-----------------------------------------------------------------------
Total current assets 8,408 18,945
-----------------------------------------------------------------------
Total assets 349,181 346,338
-----------------------------------------------------------------------
Equity
Paid in capital 145,200 145,200
Cash flow hedge reserve 1,558 (829)
Retained earnings (11,034) (11,787)
-----------------------------------------------------------------------
Total equity 135,724 132,584
-----------------------------------------------------------------------
Non-current liabilities
Interest-bearing loans and borrowings 82,836 157,471
Deferred tax liabilities 7,170 6,297
Derivative financial instruments - 756
Other non-current liabilities 1,335 1,103
-----------------------------------------------------------------------
Total non-current liabilities 91,341 165,627
-----------------------------------------------------------------------
Current liabilities
Interest-bearing loans and borrowings 115,992 41,676
Trade and other payables 5,369 5,223
Income tax payable 1 5
Derivative financial instruments 5 109
Other current liabilities 749 1,114
-----------------------------------------------------------------------
Total current liabilities 122,116 48,127
-----------------------------------------------------------------------
Total liabilities 213,457 213,754
-----------------------------------------------------------------------
Total equity and liabilities 349,181 346,338
-----------------------------------------------------------------------
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
23:00 EET on 7 November 2022.