Börsiteade
Baltic Horizon Fund / Northern Horizon Capital AS
LEI kood
5299008IKT93E4SA0G49
Emitendi suuruskategooria
Väike ettevõtja
Majandustegevusalad
Finants- ja kindlustustegevus
Sektor(id)
Fondivalitseja
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Majandusaasta aruanne
Teate ID
17145
Manused
Esitamise kuupäev ja aeg
31.03.2025 22:00:31
Teate sisu eesti keeles
Pealkiri
Baltic Horizon Fondi 2024. aasta konsolideeritud auditeeritud finantstulemused
Teade
Baltic Horizon Fondi 2024. aasta konsolideeritud auditeeritud finantstulemused
Northern Horizon Capital AS-i juhatus on kinnitanud Baltic Horizon Fondi (fond)
2024. aasta auditeeritud majandustulemused. Finantstulemused jäid samaks,
võrreldes esialgse avalikustamisega 17. veebruaril 2025.
Meie strateegilised püüdlused
2024. aastal tegi Fondi juhtkond strateegilise otsuse võtta kasutusele peamised
tulemusnäitajad, et tegevuse tulemuslikkust tõhusalt mõõta ja jälgida. See otsus
tuleneb tõdemusest, et ilma selgete ja mõõdetavate võrdlusalusteta ei saa
hinnata Fondi edusamme seatud eesmärkide poole liikumisel. Konkreetsete peamiste
tulemusnäitajate määratlemisega soovib meeskond suurendada läbipaistvust ja
vastutust ning parandada otsustusprotsesse.
Fondi juhtkonna peamine fookus on järgmistel eesmärkidel:
* saavutada portfelli vähemalt 90% tegelik täitumus 2025. aasta lõpuks;
* viia laenu ja väärtuse suhe tasemele 50% või alla selle;
* kaaluda mittestrateegiliste varade müüki järgmise 18 kuu jooksul;
* selge parenduste ja üürnike strateegia järgmiseks 1-2 aastaks, et saavutada
2027. aastaks portfelli puhta äritulu (NOI) potentsiaal 130 EUR/m2.
2024. aasta eesmärke kokku võttes on meil hea meel teatada järgmistest
saavutustest:
* Oleme edukalt saavutanud portfelli 100% BREEAM sertifitseerimise.
* Hoolimata sellest, et saime 2024. aastal GRESB-i 3 tärni hinnangu,
analüüsisime hindamistulemusi põhjalikult ja töötasime välja tegevuskava, et
saavutada 2025. aastal GRESB-i 4 tärni hinnang.
* Kuigi me ei saavutanud 2024. aasta lõpuks oma eesmärki saavutada portfelli
90% täitumus, tegime märkimisväärseid edusamme, saavutades 86,5% täitumuse
rendilepingute sõlmimise kuupäeva alusel, mille järel on oodata ka tegeliku
täitumuse suurenemist, kui üürnikud on sisse kolinud.
* Avaldasime hiljuti teatud objektide võõrandamiste plaanid, et vähendada
laenu ja väärtuse suhet. 2025. aasta veebruari seisuga on alanud mõned
võõrandamisprotsessid, kusjuures võimalik tehingute lõpuleviimine on
kavandatud aasta jooksul hiljem.
* Jätkame 2025. aastal sama kindla strateegia ja eesmärkidega, mis
stabiliseerivad Fondi finantsseisundit ja maksimeerivad portfelli
potentsiaali.
Väljavaade
2025. aastal keskendub Fond paindlikele ja kestlikele lahendustele, et vastata
rentnike nõudmistele ja turutingimustele. Meie peamised eesmärgid on portfelli
mahu suurendamine ning laenu ja väärtuse suhte vähendamine võlakirjade osalise
tagasimaksmise kaudu.
Fondi juhtkond võtnud ennetavaid meetmeid finantsstabiilsuse suurendamiseks,
vähendades finantsvõimendust võlakirjade osalise tagasimaksmise kaudu. Selle
strateegia eesmärk on leevendada finantssurvet, võimaldades Fondil saavutada
kestlikumaid finantstulemusi.
2025. aastal jätkame sotsiaalsete ja keskkonnaalaste kohustuste täitmist. 2024.
aasta lõpuks saavutasime kogu portfellis 98% roheliste rendilepingute eesmärgi.
Soovime seda osakaalu järgmisel aastal veelgi suurendada.
Samal ajal on Fond oma finantsseisundi tugevdamiseks võtnud kohustuse parandada
võla teenindamise suhtarvu ning vähendada laenu ja väärtuse suhet. Keskendudes
täitumuse määra suurendamisele ja kinnisvarakontseptsioonide optimeerimisele,
püüame parandada varade tootlust ja maksimeerida puhast äritulu. Peamisteks
prioriteetideks jäävad kohandatavad rendistrateegiad, varade
ümberpositsioneerimine ja sihtotstarbelised investeeringud suure nõudlusega
segmentidesse. Nende algatuste eesmärk on luua investorite jaoks pikaajalist
väärtust, tagades samal ajal Fondi vastupanuvõime dünaamilises turukeskkonnas.
Kõigil Baltic Horizoni portfelli kuuluvatel hoonetel on nüüd BREEAM-i
sertifikaat
2024. aastal sai Baltic Horizon oma esimese BREEAM-i suurepärase sertifikaadi
ning Meraki ärikeskus sai lõpliku sertifikaadi. 2025. aastal keskendub Fond
asjaomaste sertifikaatide uuendamisele, et 100% sertifitseerimine säilitada.
GRESB-i hindamine
2024. aastal sai Fond GRESB-i hinnangus 3 tärni. Fond suurendas oma punktisummat
juhtimismoodulis 27 punktilt 29 punktini (30-st), kuid tulemuslikkuse mooduli
punktisumma vähenes 55 punktilt 50 punktini (70-st), kuna puudusid andmed
aruandeperioodil müüdud kinnisvara kohta ja väline isik ei vaadanud andmeid üle.
2024. aastal rakendas Fond GRESB-i täiustamiskava ja kavatseb 2025. aastal saada
taas 4 tärni.
Tulem ja puhas renditulu
Kontserni 2024. aasta puhaskahjum oli 16,8 miljonit eurot (2023: puhaskahjum
23,0 miljonit eurot). Tulemust mõjutas peamiselt kinnisvarainvesteeringute
ümberhindlusest saadud kahjum. 2024. aasta kahjum osaku kohta oli 0,13 eurot
(2023: 0,19 eurot).
Kontsern teenis 2024. aastal 11,6 miljonit eurot konsolideeritud puhast
renditulu (2023: 14,6 miljonit). 2023. aasta tulemustes kajastub 2023. aasta
veebruaris müüdud Domus PRO ostu- ja ärikeskuse kahe kuu puhas renditulu summas
0,3 miljonit eurot ja 2023. aasta mais müüdud Duetto hoonete viie kuu puhas
renditulu summas 1,2 miljonit eurot.
Portfelli EPRA võrreldav puhas renditulu oli 2024. aastal 11,8% väiksem kui
2023. aastal. Seda tingisid peamiselt vakantsed pinnad Läti büroohoonetes, kuna
lõppes rendileping Upmalas Biroji bürookompleksi põhirentnikuga ja S27 keskus
vabanes 100%, samuti väiksem renditulu Europas, mis oli tingitud sellest, et uus
ankurrentnik IKI sisustas oma ruume ja avas märtsis.
2024. aasta puhas renditulu jagunes segmentide vahel järgmiselt: kaubandus
53,3% (2023: 43,6%), büroo 41,7 % (2023: 50,9%) ja vaba aja veetmine 5,0% (2023:
5,5%).
Südalinnas asuvate kinnisvarainvesteeringute (Postimaja, Europa ja Galerija
Centrs) renditulu moodustas 42,2% Fondi portfelli 2024. aasta puhtast
renditulust. Elurajoonides asuvate ostukeskuste 2024. aasta puhta renditulu
osakaal oli 11,1%.
Fondi 2024. aasta puhas renditulu jagunes riikide vahel järgmiselt: Läti 44,4%
(2023: 41,8%), Leedu 22,8% (2023: 31,1%) ja Eesti 32,8 % (2023: 27,1%).
Kinnisvarainvesteeringud
2024. aasta lõpus kuulus Baltic Horizoni portfelli 12 Balti riikide pealinnades
asuvat rahavooga kinnisvarainvesteeringut. Fondi portfelli õiglane väärtus oli
2024. aasta detsembri lõpus 241,2 miljonit eurot (31. detsembril 2023: 250,4
miljonit eurot) ja hõlmas neto renditavat pinda kokku 118,3 tuhat m². Portfelli
väärtuse muutuse peamised põhjused olid projektidest väljumise
kapitalisatsioonimäärade muutused ja kaalutud keskmise kapitalihinna (WACC)
ülespoole korrigeerimine. 2024. aastal oli kontserni investeeringute kogusumma
6,0 miljonit eurot, mis kulus pindade kohandamisele rentnike vajadustega.
Varade brutoväärtus (GAV)
Fondi varade brutoväärtus oli 31. detsembri 2024. aasta seisuga 256,0 miljonit
eurot (31. detsembril 2023: 261,1 miljonit eurot). Vähenemine võrreldes eelmise
aastaga oli peamiselt seotud Fondi kinnisvarainvesteeringute negatiivse
ümberhindamisega ligikaudu 15,6 miljoni euro võrra ning selle korvas osaliselt
uute osakute suunatud pakkumine, mis toimus septembris ja mille tulemusel
suurenes raha ligikaudu 6,29 miljoni euro võrra.
Varade puhasväärtus (NAV)
Fondi varade netoväärtus oli 31. detsembri 2024. aasta seisuga 98,1 miljonit
eurot (31. detsembril 2023: 109,5 miljonit eurot). Varade puhasväärtuse
vähenemine tulenes peamiselt kinnisvarainvesteeringute ümberhindamisest. 2024.
aasta septembri lõpus emiteeriti 23 927 085 uut osakut, mille tulemuseks oli
ligikaudu 6,29 miljonit eurot uusi omavahendeid. Seisuga 31. detsember 2024
vähenes osaku IFRS puhasväärtus 0,6833 euroni (31. detsember 2023: 0,9156 eurot)
ning EPRA puhas materiaalne põhivara ja EPRA puhas taastamisväärtus olid 0,7267
eurot (31. detsember 2023: 0,9546 eurot). EPRA puhas võõrandamisväärtus oli
0,6797 eurot (31. detsember 2023: 0,9122 eurot).
Intressikandvad laenud ja võlakirjad
Seisuga 31. detsember 2024 moodustasid intressikandvad laenud ja võlakirjad
(ilma rendikohustisteta) 149,0 miljonit eurot (31. detsember 2023: 143,5
miljonit eurot). Aastane laenuamortisatsioon moodustas 1,5% kogu tasumata
laenujäägist. 2024. aasta juulis allkirjastas Fond Bigbankiga Meraki laenu
kogusummas 10,3 miljonit eurot. Suurem osa laenust kasutati lühiajaliste
võlakirjade tagasimaksmiseks summas 8,0 miljonit eurot, mille tähtaeg oli 2024.
aasta juulis. 31. detsembri 2024. aasta seisuga olid Fondi konsolideeritud raha
ja raha ekvivalendid 10,1 miljonit eurot (31. detsembri 2023. aasta seisuga 6,2
miljonit eurot).
Rahavood
Põhitegevusest tulenev rahavoog oli 2024. aastal 9,9 miljonit eurot (2023.
aastal raha laekumine 11,4 miljoni euro ulatuses). Põhitegevusest tulenev
rahavoog vähenes peamiselt Duetto ja Domus Pro kinnisvara müügi tõttu 2023.
aasta esimesel poolaastal ning suurema hulga vabade pindade tõttu, peamiselt
S27-s ja Upmalas Birojis. Investeerimistegevusest tulenev raha rahavoog oli
negatiivne: 7,0 miljonit eurot (2023. aastal positiivne rahavoog 19,9 miljonit
eurot), mis tuleneb investeeringutest olemasolevasse kinnisvarasse ja
tehingukuludest. Finantseerimistegevuse rahavoog oli positiivne summas 1,0
miljonit eurot (2023: negatiivne summas 30,5 miljonit eurot). 2024. aasta
neljandas kvartalis tegi Fond 2,7 miljoni euro ulatuses laenude ettemakseid ning
maksis pangalaenudelt ja võlakirjadelt regulaarset amortisatsiooni ja intressi.
Peamised kasumlikkuse näitajad
Tuhandetes eurodes 2024 2023 Muutus
-------------------------------------------------------------------------------
Puhas renditulu 11 588 14 617 -20,7%
Halduskulud -2 373 -2 617 -9,3%
Muu äritulu/-kulu (neto) 18 44 -59,1%
Kahjum kinnisvarainvesteeringu müügist -863 -4 047 -78,7%
Kinnisvarainvesteeringute ümberhindluse kahjum -15 581 -21 876 -28,8%
Ärikasum/-kahjum -7 211 -13 879 -48,0%
Finantskulud (neto) -10 344 -9 750 6,1%
Maksueelne kasum/kahjum -17 555 -23 629 -25,7%
Tulumaks 774 656 18,0%
-------------------------------------------------------------------------------
Perioodi puhaskasum/-kahjum -16 781 -22 973 -27,0%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud keskmine arv 126 303 633 119 635 429 5,6%
Kasum/kahjum osaku kohta (eurodes) -0,13 -0,19 -31,6%
-------------------------------------------------------------------------------
Peamised finantsseisundi näitajad
Tuhandetes eurodes 31.12.2023 31.12.2023 Muutus
-------------------------------------------------------------------------------
Kasutuses olevad kinnisvarainvesteeringud 241 158 250 385 -3,7%
Varade brutoväärtus (GAV) 256 048 261 138 -1,9%
Intressikandvad laenud ja võlakirjad 148 989 143 487 3,8%
Kohustised kokku 157 953 151 606 4,2%
IFRS varade puhasväärtus (IFRS NAV) 98 095 109 532 -10,4%
EPRA puhas taastamisväärtus (EPRA NRV) 104 333 114 205 -8,6%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute arv 143 562 514 119 635 429 20,0%
Osaku puhasväärtus - IFRS NAV osaku kohta
(eurodes) 0,6833 0,9156 -25,4%
EPRA puhas taastamisväärtus (NRV) osaku kohta
(eurodes) 0,7267 0,9546 -23,9%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Laenu ja väärtuse suhe (%) 61,8% 57,3% -
Keskmine sisemine intressimäär (%) 6,7% 5,2% -
-------------------------------------------------------------------------------
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 31. detsember 2024
Õiglane Renditav Otsene Esmane
väärtus(1) netopind tootlus puhastootlus
Kinnisvarainvesteering Segment
(tuhandetes Täitumuse
eurodes) (m(2)) 2024(2) 2024(3) määr
-------------------------------------------------------------------------------------
Vilnius, Leedu
Europa Kaubandus 35 946 17 092 2,3% 2,8% 80,6%
North Star Büroo 19 548 10 734 6,5% 7,0% 91,8%
Meraki Büroo 16 380(4) 7 833 1,2% 1,5% 86,3%
-------------------------------------------------------------------------------------
Vilniuses kokku 71 874 35 659 3,0% 3,6% 85,2%
-------------------------------------------------------------------------------------
Riia, Läti
Upmalas Biroji Büroo 19 224 11 203 3,7% 4,2% 64,1%
Vainodes I Büroo 15 900 8 128 8,8% 8,8% 100,0%
LNK Centre Büroo 11 360 7 303 -0,6% -0,9% -
Sky Kaubandus 4 900 3 260 8,6% 8,5% 100,0%
Galerija Centrs Kaubandus 60 020 19 423 3,2% 4,1% 84,7%
-------------------------------------------------------------------------------------
Riias kokku 111 404 49 317 3,7% 4,5% 71,0%
-------------------------------------------------------------------------------------
Tallinn, Eesti
Postimaja ja CC Plaza Kaubandus 21 800 9 232 3,7% 6,7% 100,0%
Postimaja ja CC Plaza Vaba aeg 13 190 7 869 4,8% 4,3% 97,7%
Lincona Büroo 13 100 10 767 6,4% 7,4% 88,5%
Pirita Kaubandus 9 790 5 425 6,7% 9,2% 97,1%
-------------------------------------------------------------------------------------
Tallinnas kokku 57 880 33 293 4,9% 6,7% 95,3%
-------------------------------------------------------------------------------------
Portfell kokku 241 158 118 269 3,8% 4,7% 82,1%
-------------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 31. detsember 2024 teostatud hindamisel,
kajastatud kasutusõiguse varadel.
2. Otsese tootluse leidmiseks jagatakse annualiseeritud puhas äritulu
kinnisvarainvesteeringu soetusmaksumuse ja hilisemate kapitalikulude
summaga.
3. Esmase puhastootluse leidmiseks jagatakse annualiseeritud puhas äritulu
kinnisvarainvesteeringu turuväärtusega.
4. Meraki väärtuse aluseks on müügihind. Turuväärtus sõltumatu hindaja Newseci
hinnangul on 17 490 000 eurot.
Konsolideeritud kasumi- ja muu koondkasumi aruanne
01.01.2024 01.01.2023
EUR '000
-
31.12.2024 - 31.12.2023
-------------------------------------------------------------------------------
Renditulu 15 136 17 743
Teenustasutulu 4 744 6 008
Renditegevuse kulud -8 292 -9 134
-------------------------------------------------------------------------------
Puhas renditulu 11 588 14 617
Halduskulud -2 373 -2 617
Muu äritulu 18 44
Kahjum kinnisvarainvesteeringu müügist -863 -4 047
Kinnisvarainvesteeringute ümberhindluse kasum/kahjum -15 581 -21 876
-------------------------------------------------------------------------------
Ärikasum/-kahjum -7 211 -13 879
-------------------------------------------------------------------------------
Finantstulud 196 104
Finantskulud -10 540 -9 854
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -10 344 -9 750
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Maksueelne kasum/kahjum -17 555 -23 629
-------------------------------------------------------------------------------
Tulumaks 774 656
-------------------------------------------------------------------------------
Perioodi kasum/kahjum -16 781 -22 973
-------------------------------------------------------------------------------
Tulevikus kasumisse või
kahjumisse ümberliigitatav muu
koondkasum
Rahavoogude riskimaandamise puhaskasum/- kahjum -1 003 -1 273
Rahavoogude riskimaandamise puhaskasumiga seotud
tulumaks 52 123
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav
tulumaksujärgne muu koondkasum/-kahjum kokku -951 -1 150
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkasum/?kahjum kokku -17 732 -24 123
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tavakahjum osaku kohta (eurodes) -0,13 -0,19
-------------------------------------------------------------------------------
Lahustatud kahjum osaku kohta (eurodes) -0,12 -
-------------------------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
Tuhandetes eurodes 31.12.2024 31.12.2023
----------------------------------------------------------------
Põhivarad
Kinnisvarainvesteeringud 241 158 250 385
Immateriaalsed põhivarad 4 11
Materiaalsed põhivarad 5 4
Tuletisinstrumendid 1 295
Muud põhivarad 1 225 647
----------------------------------------------------------------
Põhivarad kokku 242 393 251 342
----------------------------------------------------------------
Käibevarad
Nõuded ostjate vastu ja muud nõuded 2 800 2 591
Ettemaksed 802 402
Tuletisinstrumendid - 621
Raha ja raha ekvivalendid 10 053 6 182
----------------------------------------------------------------
Käibevarad kokku 13 655 9 796
----------------------------------------------------------------
Varad kokku 256 048 261 138
----------------------------------------------------------------
Omakapital
Sissemakstud kapital 151 495 145 200
Rahavoogude riskimaandamise reserv -420 531
Jaotamata kahjum -52 980 -36 199
----------------------------------------------------------------
Omakapital kokku 98 095 109 532
----------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad võlakohustised 98 491 64 158
Edasilükkunud tulumaksukohustised 1 898 2 774
Muud pikaajalised kohustised 1 446 1 079
----------------------------------------------------------------
Pikaajalised kohustised kokku 101 835 68 011
----------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad võlakohustised 50 736 79 584
Võlad tarnijatele ja muud võlad 4 473 3 343
Tulumaksukohustis 14 6
Muud lühiajalised kohustised 895 662
----------------------------------------------------------------
Lühiajalised kohustised kokku 56 118 83 595
----------------------------------------------------------------
Kohustised kokku 157 953 151 606
----------------------------------------------------------------
Omakapital ja kohustised kokku 256 048 261 138
----------------------------------------------------------------
Lisainformatsiooni saamiseks palume ühendust võtta:
Tarmo Karotam
Baltic Horizon Fond, fondijuht
E-mail [email protected]
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Baltic Horizon Fond on registreeritud lepinguline avalik kinnine kinnisvarafond,
mida valitseb alternatiivfondivalitseja Northern Horizon Capital AS.
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avaldama Euroopa Liidu turukuritarvituse määruse kohaselt. Informatsioon esitati
avaldamiseks 31.03.2025 kell 22:00 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Teate sisu inglise keeles
Pealkiri
Baltic Horizon Fund consolidated audited results for 2024
Teade
Baltic Horizon Fund consolidated audited results for 2024
Management Board of Northern Horizon Capital AS has approved the unaudited
financial results of Baltic Horizon Fund (the Fund) for the twelve months of
2024. The financial results remained unchanged compared to the preliminary
disclosure on 17 February 2025.
Executing our strategy
In 2024, the Fund's management team made the strategic decision to implement key
performance indicators (KPIs) as a means to effectively measure and track
performance. This decision stems from the recognition that clear and measurable
benchmarks are essential for evaluating progress towards the Fund's objectives.
By defining specific KPIs, the team aims to enhance transparency,
accountability, and facilitate decision-making processes.
The focus of the Fund management team will be on these major objectives:
* Actual portfolio occupancy of at least 90% by end of 2025;
* Loan-to-Value target at 50% or lower;
* To consider disposing of non-strategic assets over the next 12 months;
* Clear ESG and refurbishment strategy for the next 1-2 years with an aim to
reach the portfolio's NOI potential of 130 EUR/sq.m. by 2027.
As we recap our goals for 2024, we are pleased to report the following
achievements:
* We have successfully achieved 100% portfolio BREEAM certification.
* Despite receiving a 3-star GRESB rating in 2024, we have thoroughly analysed
the assessment results and developed an action plan to achieve a 4-star
GRESB rating in 2025.
* Although we did not reach our target of 90% portfolio occupancy by the end
of 2024, we made significant progress, achieving an 86.5% occupancy rate
based on lease signing date with actual occupancy subsequently increasing as
tenants move in.
* We have recently announced our disposal strategy to reduce LTV levels. Some
disposal processes have commenced as of February 2025, with the possible
closing of transactions planned for later in the year.
* Looking ahead to 2025, we will continue with the same solid strategy and
goals that will stabilize the Fund's financial position and maximize the
potential of its portfolio.
Outlook
In 2025 the Fund will focus on flexible and sustainable solutions to meet tenant
demands and market conditions. Our key goals are increasing the occupancy of the
portfolio and decreasing the LTV by way of repaying part of the bonds.
The Fund's management has taken proactive measures to enhance financial
stability by reducing leverage through partial bond repayment. This strategy
aims to alleviate financial pressure, positioning the Fund for more sustainable
financial performance.
In 2025, we will continue advancing our social and environmental commitments. We
achieved 98% green leases across our portfolio, with a target to further
increase this share in the coming year.
Simultaneously, to reinforce its financial position, the Fund is committed to
improving its debt service ratio and reducing loan-to-value levels. By focusing
on increasing occupancy rates and optimizing property concepts, we aim to
enhance asset performance and maximize net operating income. Adaptive leasing
strategies, property repositioning, and targeted investments in high-demand
segments will remain key priorities. These initiatives are designed to create
long-term value for investors while ensuring the Fund remains resilient in a
dynamic market environment.
Baltic Horizon achieves a 100% BREEAM certified portfolio
During 2024, Baltic Horizon achieved its first BREEAM Excellent certificate,
when Meraki business center received its final certification. During 2025 the
Fund will focus on renewals of the relevant certifications to maintain 100 % of
certification coverage.
GRESB benchmarking
In 2024 the Fund received a 3-star GRESB rating. The Fund increased its scoring
in the management section from 27 points to 29 points (out of 30) but the score
in the performance section decreased from 55 points to 50 points (out of 70) due
to lack of data from the properties that were sold during the reporting period
and the review of data by an external party. During 2024, the Fund has
implemented a GRESB improvement plan and aims to receive 4-stars again in the
year 2025.
Net result and net rental income
In 2024, the Group recorded a net loss of EUR 16.8 million compared with a net
loss of EUR 23.0 million for 2023. The result was mainly driven by the property
valuation loss. Earnings per unit for 2024 were negative at EUR 0.13 (2023:
negative at EUR 0.19).
The Group earned consolidated net rental income of EUR 11.6 million in 2024
(2023: 14.6 million). The results for 2023 include two months' net rental income
of the Domus Pro Retail and Office property (EUR 0.3 million) and five months'
net rental income of the Duetto properties (EUR 1.2 million), which were sold in
February and May 2023, respectively.
On an EPRA like-for-like basis, the portfolio net rental income in 2024 was
11.8% lower than in 2023, mainly due to vacancies in office properties in Latvia
due to the expiry of the agreement with the main tenant in Upmalas Biroji BC and
100% vacancy of S27, as well as lower rental income in Europa due to the new
anchor tenant IKI equipping the premises and opening in March.
Portfolio properties in the retail segment contributed 53.3% (like-for-like
2023: 43.6%) of net rental income in 2024, followed by the office segment with
41.7% (like-for-like 2023: 50.9%) and the leisure segment with 5.0% (2023:
5.5%).
Retail assets located in the central business districts (Postimaja, Europa and
Galerija Centrs) accounted for 42.2% of total portfolio net rental income in
2024. Total net rental income attributable to neighbourhood shopping centres was
11.1% in 2024.
In 2024, investment properties in Latvia and Lithuania contributed 44.4% (like-
for-like 2023: 41.8%) and 22.8% (like-for-like 2023: 31.1%) of net rental
income, respectively, while investment properties in Estonia contributed 32.8%
(like-for-like 2023: 27.1%).
Investment properties
At the end of 2024, the Baltic Horizon Fund portfolio consisted of 12 cash flow
generating investment properties in the Baltic capitals. The fair value of the
Fund's portfolio was EUR 241.2 million at the end of December 2024 (31 December
2023: EUR 250.4 million) and incorporated a total net leasable area of 118.3
thousand sq. m. The change in portfolio value was mainly driven by the changes
in exit yields and upward adjustments of the weighted average cost of capital
(WACC). During 2024 the Group invested approximately EUR 6.0 million in tenant
fit-outs.
Gross Asset Value (GAV)
As of 31 December 2024, the Fund's GAV was EUR 256.0 million (31 December 2023:
EUR 261.1 million). The decrease compared to the prior year was mainly related
to the negative revaluation of the Fund's investment properties of approx. EUR
15.6 million and was partly offset by the private placement of new units which
took place in September and resulted in a cash increase of approx. EUR 6.29
million.
Net Asset Value (NAV)
As of 31 December 2024, the Fund's NAV was EUR 98.1 million (31 December 2023:
EUR 109.5 million). The NAV decrease was mainly due to the revaluation of
investment properties. At the end of September 2024 23,927,085 new units were
issued resulting in approx. EUR 6.29 million of new equity. As of 31 December
2024, IFRS NAV per unit amounted to EUR 0.6833 (31 December 2023: EUR 0.9156),
while EPRA net tangible assets and EPRA net reinstatement value were EUR 0.7267
per unit (31 December 2023: EUR 0.9546). EPRA net disposal value was EUR 0.6797
per unit (31 December 2023: EUR 0.9122).
Interest-bearing loans and bonds
As of 31 December 2024, interest-bearing loans and bonds (excluding lease
liabilities) were EUR 149.0 million (31 December 2023: EUR 143.5 million).
Annual loan amortisation accounted for 1.5% of total debt outstanding. In July
2024, the Fund successfully signed the Meraki loan with Bigbank for a total
amount of EUR 10.3 million. A major part of the loan was used to repay short
term bonds in the amount of EUR 8.0 million maturing in July 2024. As of 31
December 2024, the Fund's consolidated cash and cash equivalents amounted to EUR
10.1 million (31 December 2023: EUR 6.2 million).
Cash flow
Cash inflow from core operating activities in 2024 amounted to EUR 9.9 million
(2023: cash inflow of EUR 11.4 million). Cash inflow from core operating
activities decreased mainly due to the sale of Duetto and Domus Pro properties
in H1 2023 and higher vacancies, mostly in S27 and Upmalas Biroji. Cash outflow
from investing activities was EUR 7.0 million (2023: cash inflow of EUR 19.9
million) due to investments in existing properties and transaction costs. Cash
inflow from financing activities was EUR 1.0 million (2023: cash outflow of EUR
30.5 million). In Q4 2024, the Fund prepaid loans in the amount of EUR 2.7
million and paid regular amortisation and interest on bank loans and bonds.
Key earnings figures
EUR '000 2024 2023 Change (%)
-------------------------------------------------------------------------------
Net rental income 11,588 14,617 (20.7%)
Administrative expenses (2,373) (2,617) (9.3%)
Net other operating income 18 44 (59.1%)
Losses on disposal of investment properties (863) (4,047) (78.7%)
Valuation gains (losses) on investment
properties (15,581) (21,876) (28.8%)
Operating profit (loss) (7,211) (13,879) (48.0%)
Net financial expenses (10,344) (9,750) 6.1%
Profit (loss) before tax (17,555) (23,629) (25.7%)
Income tax 774 656 18.0%
-------------------------------------------------------------------------------
Net profit (loss) for the period (16,781) (22,973) (27.0%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Weighted average number of units
outstanding (units) 126,303,633 119,635,429 5.6%
Earnings per unit (EUR) (0.13) (0.19) (31.6%)
-------------------------------------------------------------------------------
Key financial position figures
EUR '000 31.12.2024 31.12.2023 Change (%)
-------------------------------------------------------------------------------
Investment properties 241,158 250,385 (3.7%)
Gross asset value (GAV) 256,048 261,138 (1.9%)
Interest-bearing loans and bonds 148,989 143,487 3.8%
Total liabilities 157,953 151,606 4.2%
IFRS NAV 98,095 109,532 (10.4%)
EPRA NRV 104,333 114,205 (8.6%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Number of units outstanding (units) 143,562,514 119,635,429 20.0%
IFRS NAV per unit (EUR) 0.6833 0.9156 (25.4%)
EPRA NRV per unit (EUR) 0.7267 0.9546 (23.9%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Loan-to-Value ratio (%) 61.8% 57.3% -
Average effective interest rate (%) 6.7% 5.2% -
-------------------------------------------------------------------------------
Overview of the Fund's investment properties as of 31 December 2024
Direct Net
Fair property initial
Property name Sector value(1) NLA yield yield
Occupancy
(EUR '000) (sq. m) 2024(2) 2024(3) rate
-------------------------------------------------------------------------------
Vilnius,
Lithuania
Europa SC Retail 35,946 17,092 2.3% 2.8% 80.6%
North Star Office 19,548 10,734 6.5% 7.0% 91.8%
Meraki Office 16,380(4) 7,833 1.2% 1.5% 86.3%
-------------------------------------------------------------------------------
Total Vilnius 71,874 35,659 3.0% 3.6% 85.2%
-------------------------------------------------------------------------------
Riga, Latvia
Upmalas Office
Biroji BC 19,224 11,203 3.7% 4.2% 64.1%
Vainodes I Office 15,900 8,128 8.8% 8.8% 100.0%
S27 Office 11,360 7,303 (0.6%) (0.9%) -
Sky SC Retail 4,900 3,260 8.6% 8.5% 100.0%
Galerija Retail
Centrs 60,020 19,423 3.2% 4.1% 84.7%
-------------------------------------------------------------------------------
Total Riga 111,404 49,317 3.7% 4.5% 71.0%
-------------------------------------------------------------------------------
Tallinn,
Estonia
Postimaja &
CC Plaza Retail
complex 21,800 9,232 3.7% 6.7% 100.0%
Postimaja &
CC Plaza Leisure
complex 13,190 7,869 4.8% 4.3% 97.7%
Lincona Office 13,100 10,767 6.4% 7.4% 88.5%
Pirita SC Retail 9,790 5,425 6.7% 9.2% 97.1%
-------------------------------------------------------------------------------
Total Tallinn 57,880 33,293 4.9% 6.7% 95.3%
-------------------------------------------------------------------------------
Total active
portfolio 241,158 118,269 3.8% 4.7% 82.1%
-------------------------------------------------------------------------------
1. Based on the latest valuation as of 31 December 2024 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. Meraki value measured at disposal price. Market value according to
independent property valuators Newsec is EUR 17,490,000.
Consolidated statement of profit or loss and other comprehensive income
01.01.2024 01.01.2023
EUR '000
- 31.12.2024 - 31.12.2023
-------------------------------------------------------------------------------
Rental income 15,136 17,743
Service charge income 4,744 6,008
Cost of rental activities (8,292) (9,134)
-------------------------------------------------------------------------------
Net rental income 11,588 14,617
Administrative expenses (2,373) (2,617)
Other operating income (expenses) 18 44
Losses on disposal of investment properties (863) (4,047)
Valuation losses on investment properties (15,581) (21,876)
-------------------------------------------------------------------------------
Operating profit (loss) (7,211) (13,879)
-------------------------------------------------------------------------------
Financial income 196 104
Financial expenses (10,540) (9,854)
-------------------------------------------------------------------------------
Net financial expenses (10,344) (9,750)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit (loss) before tax (17,555) (23,629)
-------------------------------------------------------------------------------
Income tax charge 774 656
-------------------------------------------------------------------------------
Profit (loss) for the period (16,781) (22,973)
-------------------------------------------------------------------------------
Other comprehensive income that is or may be
reclassified to profit or loss in subsequent
periods
Net gain (loss) on cash flow hedges (1,003) (1,273)
Income tax relating to net gain (loss) on cash
flow hedges 52 123
-------------------------------------------------------------------------------
Other comprehensive income (expense), net of
tax, that is or may be reclassified to profit or
loss in subsequent periods (951) (1,150)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income (expense) for the
period, net of tax (17,732) (24,123)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic earnings per unit (EUR) (0.13) (0.19)
-------------------------------------------------------------------------------
Diluted earnings per unit (EUR) (0.12) -
-------------------------------------------------------------------------------
Consolidated statement of financial position
EUR '000 31.12.2024 31.12.2023
------------------------------------------------------------------
Non-current assets
Investment properties 241,158 250,385
Intangible assets 4 11
Property, plant and equipment 5 4
Derivative financial instruments 1 295
Other non-current assets 1,225 647
------------------------------------------------------------------
Total non-current assets 242,393 251,342
------------------------------------------------------------------
Current assets
Trade and other receivables 2,800 2,591
Prepayments 802 402
Derivative financial instruments - 621
Cash and cash equivalents 10,053 6,182
------------------------------------------------------------------
Total current assets 13,655 9,796
------------------------------------------------------------------
Total assets 256,048 261,138
------------------------------------------------------------------
Equity
Paid in capital 151,495 145,200
Cash flow hedge reserve (420) 531
Retained earnings (52,980) (36,199)
------------------------------------------------------------------
Total equity 98,095 109,532
------------------------------------------------------------------
Non-current liabilities
Interest-bearing loans and borrowings 98,491 64,158
Deferred tax liabilities 1,898 2,774
Other non-current liabilities 1,446 1,079
------------------------------------------------------------------
Total non-current liabilities 101,835 68,011
------------------------------------------------------------------
Current liabilities
Interest-bearing loans and borrowings 50,736 79,584
Trade and other payables 4,473 3,343
Income tax payable 14 6
Other current liabilities 895 662
------------------------------------------------------------------
Total current liabilities 56,118 83,595
------------------------------------------------------------------
Total liabilities 157,953 151,606
------------------------------------------------------------------
Total equity and liabilities 256,048 261,138
------------------------------------------------------------------
For additional information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected]
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Fl1QHUT3eR6pMgqTbgxld0UgOecSqWRYd3MVXD5Z56XsjNyFijXCMwZbqGLWy2Y4TknX4qGyiSKMrQlb
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JMkuzPEKI18u6ogNH9DNabsTxKE29ep_Fi0trs-
BYsY1aGgW8u86KXRw0Yaz140VAHL9_V9U427CNA9vS8n2dgQ-
8IexzYBNgfXCAJiUv09XT3680EWLJe_ssR9UvbdFK1dX_4dv713TCPYf8ai_C7OsTx4DVAF9ohPpdXsu
JS_kn9xMCBGmjMAPXDCbQuVwAw81-GUJuMR12u5s7agthipWoYtHxqi3_i_nqLyXA==)
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.
Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq
Stockholm, www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=OMgeFOpl4ksReI8t3iKPRntmUpk_c_goLWG2
Dx8Q5XgRf78E-ialWMzGw2RErZG8gIOaDC1P05MGCcPbfKKnwunXsCx9w3Fe4Q69zjoYuR4=)
To receive Nasdaq announcements and news from Baltic Horizon Fund about its
projects, plans and more, register on www.baltichorizon.com
(https://www.baltichorizon.com/). You can also follow Baltic Horizon Fund
on www.baltichorizon.com (https://www.baltichorizon.com/) and on LinkedIn
(https://www.linkedin.com/company/baltic-horizon/), Facebook
(https://www.facebook.com/baltichorizon), X (https://twitter.com/BalticHorizon)
and YouTube (https://www.youtube.com/@baltichorizon/featured).
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 31 March 2025.