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
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
6376
Manused
Esitamise kuupäev ja aeg
22.11.2017 09:00:00
Teate sisu eesti keeles
Pealkiri
Baltic Horizon Fondi 2017. aasta III kvartali ja 9-kuu auditeerimata ülevaadatud majandustulemused
Teade
2017. aasta 9-kuu tulemusena oli Baltic Horizon Fondi (Fond) puhas renditulu
7,8 miljonit eurot (2016. aasta 9-kuuga 4,8 miljonit eurot). Fond teenis III
kvartalis 2,6 miljonit eurot puhast renditulu (2016. aasta III kvartal: 1,9
miljonit eurot). Puhas renditulu suurenes tänu uutele
kinnisvarainvesteeringutele, mis tehti pärast täiendava kapitali kaasamist
2016. aasta lõpus ja 2017. aasta alguses.
Fond teenis III kvartalis 1 675 tuhat eurot puhaskasumit (2016. aasta III
kvartal: 3 708 tuhat eurot). Eelmise aasta samal perioodil mõjutasid Fondi
tulemusi erakorralised kinnisvarainvesteeringute hindamised, mis avaldasid
märkimisväärset mõju Fondi kvartali puhaskasumile. 2017. aasta III kvartalis ei
teostatud uusi kinnisvarainvesteeringute hindamisi, sest
kinnisvarainvesteeringuid hinnatakse alates 2017. aastast ainult juunis ja
detsembris.
2017. aasta III kvartali lõpu seisuga oli Fondi vara brutoväärtus 169,7
miljonit eurot (2017 II kvartal: 170,9 miljonit eurot). Fondi vara
brutoväärtuse kerge langus oli tingitud aktiivsest kapitali juhtimisest III
kvartali jooksul. 2017. aasta III kvartalis refinantseeris Fond Europa
ostukeskuse pangalaenu, makstes tagasi 2,1 miljonit eurot. Fond tegi samas
kvartalis ka rahalise väljamakse oma osakuomanikele summas 1,2 miljonit eurot.
2017 III kvartali lõpuks on Fondi vara puhasväärtus võrreldes 2017. aasta II
kvartali lõpuga suurenenud 86,2 miljonilt eurolt 86,7 miljoni euroni.
Kvartali peamised näitajad
Tuhandetes eurodes III kv III kv Muutus
2017 2016 (%)
--------------------------------------------------------------------------------
Renditulu 2 955 2 058 43,6%
Teenustasutulu 820 617 32,9%
Renditegevuse kulud -1 137 -747 52,2%
--------------------------------------------------------------------------------
Puhas renditulu 2 638 1 928 36,8%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Avalike pakkumistega seotud kulud -61 -125 -51,2%
Halduskulud -474 -357 32,8%
Muud äritulud ja –kulud 64 17 >100,0%
Kinnisvarainvesteeringute ümberhindluse - 2 802 >-100,0%
kasumid/kahjumid
Ärikasum 2 167 4 265 -49,2%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 2 3 -33,3%
Finantskulud -348 -307 13,4%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -346 -304 13,8%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Maksueelne kasum 1 821 3 961 -54,0%
Tulumaksukulu -146 -253 -42,3%
--------------------------------------------------------------------------------
Perioodi kasum 1 675 3 708 -54,8%
--------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud keskmine arv 60 006 856 39 163 520 53,2%
Kasum osaku kohta (eurodes) 0,03 0,09 -66,7%
Tuhandetes eurodes 30.09.2017 31.12.2016 Muutus (%)
-----------------------------------------------------------------------------
Kasutuses olevad kinnisvarainvesteeringud 157 822 141 740 11,3%
Vara brutoväärtus 169 738 154 938 9,6%
Intressikandvad laenud 72 569 69 172 4,9%
Kohustused kokku 83 085 78 129 6,3%
Vara puhasväärtus 86 653 76 809 12,8%
-----------------------------------------------------------------------------
Ringluses olevate osakute arv 64 655 870 57 264 743 12,9%
Vara puhasväärtus osaku kohta (eurodes) 1,3402 1,3413 -0,1%
Laenu tagatuse suhtarv 46,0% 48,8%
Keskmine sisemine intressimäär 1,7% 1,8%
KINNISVARA INVESTEERINGUTE TULEMUSED 30. SEPTEMBER 2017 SEISUGA
2017. aasta III kvartalis suurenes Fondi kinnisvarainvesteeringute portfelli
rendipindade tegelik keskmine täituvus, 2017. aasta II kvartalis oli see
näitaja 95,4% ja 2017. aasta III kvartalis 97,5%. Kui võtta arvesse kõiki
rendigarantiisid, siis kujuneb sisemiseks täituvuse määraks 98,0% (2017. aasta
II kvartal: 98,1%). Kinnisvarainvesteeringute keskmine otsene tootlus III
kvartalis oli 7,2% (2017. aasta II kvartal: 7,2%). Kogu portfelli esmane
puhastootlus oli samal perioodil 6,9%.
Kinnisvara-inv Linn Riik Turuväärtu Rendita Otsene Esmane Täituv
esteering s v tootlus puhas-tootl use
tuhandetes netopin us määr
eurodes d III kv
2017
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Duetto I Vilniu Leedu 14 890 8 327 7,2% 7,1% 100%*
s
Pirita Tallin Eesti 11 590 5 436 7,5% 7,8% 100%*
ostukeskus n
Upmalas Biroji Riia Läti 24 052 10 419 7,1% 7,0% 99,8%
bürookompleks
G4S-i peahoone Tallin Eesti 16 080 8 363 7,5% 7,2% 100,0%
n
Europa Vilniu Leedu 38 800 16 856 6,0% 5,7% 94,2%
ostukeskus s
Domus Pro Vilniu Leedu 17 180 11 247 7,7% 6,8% 98,2%
ostukeskus s
CC Plaza Tallin Eesti 13 180 8 664 8,3% 7,5% 100,0%
n
SKY Riia Läti 5 582 3 263 8,4% 7,2% 98,2%
supermarket
Lincona Tallin Eesti 15 920 10 859 7,4% 7,1% 96,6%
n
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Portfell kokku 157 274 83 621 7,2% 6,9% 98,0%
*Sisemine täituvuse määr on rendigarantii tõttu 100%.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
Tuhand 01.07.2017-30.09.2017 01.07.2016-30.09.2016 01.01.2017-30.09.2017
01.01.2016-30.09.2016
etes
eurod
es
--------------------------------------------------------------------------------
------------------
Rendit 2 955 2 058 8 622
5 334
ulu
Teenus 820 617 2 663
1 810
tasutu
lu
Rendit -1 137 -747 -3 439
-2 301
egevus
e
kulud
--------------------------------------------------------------------------------
------------------
Puhas 2 638 1 928 7 846
4 843
rendi
tulu
--------------------------------------------------------------------------------
------------------
--------------------------------------------------------------------------------
------------------
Haldus -535 -482 -1 935
-1 462
kulud
Muud 64 17 77
95
äritu
lud ja
-kulu
d
Kinnis - 2 802 339
2 361
varain
vestee
ringut
e
ümber
hindlu
sest
saadu
d
kasum
id
Ärikas 2 167 4 265 6 327
5 837
um
--------------------------------------------------------------------------------
------------------
--------------------------------------------------------------------------------
------------------
Finant 2 3 45
11
stulud
Finant -348 -307 -1 123
-840
skulud
--------------------------------------------------------------------------------
------------------
--------------------------------------------------------------------------------
------------------
Finant -346 -304 -1 078
-829
stulud
ja
-kulu
d
kokku
--------------------------------------------------------------------------------
------------------
--------------------------------------------------------------------------------
------------------
Maksue 1 821 3 961 5 249
5 008
elne
kasum
Tuluma -146 -253 -1 082
-428
ksukul
u
--------------------------------------------------------------------------------
------------------
Perioo 1 675 3 708 4 167
4 580
di
kasum
--------------------------------------------------------------------------------
------------------
--------------------------------------------------------------------------------
------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum/-kahjum
Rahavo -94 -36 126
-65
ogude
riski
maanda
mise
puhas
kasum/
-kahju
m
Kasumi - - 57
-
sse
või
kahju
misse
ümber
liigit
atava
intre
ssimää
ra
vahet
uslepi
ngu
lõpet
amine
Rahavo 8 -7 -32
-1
ogude
riski
maanda
mise
puhas
kasumi
/-kahj
umiga
seotu
d
tulum
aks
--------------------------------------------------------------------------------
------------------
Tulevi -86 -43 151
-66
kus
kasum
isse
või
kahju
misse
ümber
liigit
atav
tulum
aksujä
rgne
muu
koond
kasum/
-kahju
m
--------------------------------------------------------------------------------
------------------
Perioo 1 589 3 665 4 318
4 514
di
tulum
aksujä
rgne
koond
kasum
kokku
--------------------------------------------------------------------------------
------------------
--------------------------------------------------------------------------------
------------------
Tava- 0,03 0,09 0,07
0,12
ja
lahus
tatud
kasum
osaku
kohta
(euro
des)
--------------------------------------------------------------------------------
------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 30.09.2017 31.12.2016
-----------------------------------------------------------
Põhivara
Kinnisvarainvesteeringud 157 822 141 740
Lõpetamata kinnisvarainvesteeringud 5 725 1 580
Tuletisinstrumendid 9 -
Muu põhivara 72 288
-----------------------------------------------------------
Põhivara kokku 163 628 143 608
-----------------------------------------------------------
-----------------------------------------------------------
Käibevara
Nõuded ostjate vastu ja muud nõuded 1 569 1 269
Ettemaksed 135 178
Raha ja raha ekvivalendid 4 406 9 883
-----------------------------------------------------------
Käibevara kokku 6 110 11 330
-----------------------------------------------------------
Varad kokku 169 738 154 938
-----------------------------------------------------------
-----------------------------------------------------------
Omakapital
Sissemakstud kapital 75 597 66 224
Omaosakud - -8
Rahavoogude riskimaandamise reserv -143 -294
Jaotamata kasum 11 199 10 887
-----------------------------------------------------------
Omakapital kokku 86 653 76 809
-----------------------------------------------------------
-----------------------------------------------------------
Pikaajalised kohustused
Intressikandvad laenukohustused 63 601 58 981
Edasilükkunud tulumaksukohustused 5 513 4 383
Tuletisinstrumendid 172 345
Muud pikaajalised kohustused 891 935
-----------------------------------------------------------
Pikaajalised kohustused kokku 70 177 64 644
-----------------------------------------------------------
-----------------------------------------------------------
Lühiajalised kohustused
Intressikandvad laenukohustused 8 968 10 191
Võlad tarnijatele ja muud võlad 3 496 2 876
Tulumaksukohustus 29 46
Muud lühiajalised kohustused 415 372
-----------------------------------------------------------
Lühiajalised kohustused kokku 12 908 13 485
-----------------------------------------------------------
Kohustused kokku 83 085 78 129
-----------------------------------------------------------
Omakapital ja kohustused kokku 169 738 154 938
-----------------------------------------------------------
Lisainformatsioon:
Tarmo Karotam
Baltic Horizon Fund, fondijuht
E-mail [email protected]
www.baltichorizon.com
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 turukurvitarvituse määruse kohaselt. Informatsioon
esitati avaldamiseks 22. novembril 2017 kell 7:15 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Teate sisu inglise keeles
Pealkiri
Baltic Horizon Fund 2017 Q3 and 9-months unaudited reviewed financial results
Teade
During the 9 months of 2017, the net operating income earned by Baltic Horizon
Fund (the Fund) amounted to EUR 7.8 million (EUR 4.8 million during 9 months of
2016). During Q3 2017, the Fund recorded a net operating income of EUR 2.6
million (EUR 1.9 million during Q3 2016). The increase is related to new
acquisitions that were made following the capital raisings at the end of 2016
and the beginning of 2017.
During Q3 2017, the Fund earned a net profit of EUR 1,675 thousand (EUR 3,708
thousand during Q3 2016). Last year during the same quarter, the Fund’s
performance was affected by extraordinary investment property valuations, which
had a significant impact on its quarterly net profit. During Q3 2017, the Fund
did not perform any new investment property valuations as from 2017 onwards,
valuation of properties will be performed in June and December.
As at end of Q3 2017, the GAV of the Fund decreased from EUR 170.9 million to
169.7 million compared to Q2 2017. A slight decrease in GAV was due to active
capital management activities over the quarter. During Q3 2017, the Fund
successfully refinanced Europa Shopping centre bank loan by repaying EUR 2.1
million and made a cash distribution of EUR 1.2 million to its unitholders.
As at 30 September 2017, the Fund NAV has increased from EUR 86.2 million to
EUR 86.7 million, compared to the end of Q2 2017.
Quarterly Key Figures
Euro ‘000 Q3 2017 Q3 2016 Change (%)
-------------------------------------------------------------------------------
Rental income 2,955 2,058 43.6%
Service charge income 820 617 32.9%
Cost of rental activities (1,137) (747) 52.2%
-------------------------------------------------------------------------------
Net rental income 2,638 1,928 36.8%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Expenses related to public offerings (61) (125) (51.2)%
Administrative expenses (474) (357) 32.8%
Other operating income / (expenses) 64 17 >100.0%
Valuation gains / (loss) on investment properties - 2,802 (>100.0)%
Operating profit 2,167 4,265 (49.2)%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Financial income 2 3 (33.3)%
Financial expenses (348) (307) 13.4%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net financing costs (346) (304) 13.8%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit before tax 1,821 3,961 (54.0)%
Income tax charge (146) (253) (42.3)%
-------------------------------------------------------------------------------
Profit for the period 1,675 3,708 (54.8)%
-------------------------------------------------------------------------------
Weighted average number of units outstanding 60,006,856 39,163,520 53.2%
Earnings per unit (EUR) 0.03 0.09 (66.7)%
Euro ‘000 30.09.2017 31.12.2016 Change (%)
--------------------------------------------------------------
Investment property in use 157,822 141,740 11.3%
Gross asset value (GAV) 169,738 154,938 9.6%
Interest bearing loans 72,569 69,172 4.9%
Total liabilities 83,085 78,129 6.3%
Net asset value (NAV) 86,653 76,809 12.8%
--------------------------------------------------------------
Number of units outstanding 64,655,870 57,264,743 12.9%
Net asset value (NAV) per unit (EUR) 1.3402 1.3413 (0.1)%
Loan-to-Value ratio (LTV) 46.0% 48.8%
Average effective interest rate 1.7% 1.8%
Investment properties PERFORMANCE as of 30 September 2017
During Q3 2017, the average actual occupancy of the portfolio increased from
95.4% in Q2 2017 to 97.5% in Q3 2017. When all rental guarantees are
considered, the effective occupancy rate is 98.0% (98.1% during Q2 2017).
Average direct property yield during Q3 was 7.2% (Q2 2017: 7.2%). The net
initial yield for the whole portfolio for Q3 2017 was 6.9%.
Property City Countr Market NLA Direct Net Occupancy
name y value property initial rate for Q3
Euro‘00 yield yield 2017
0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Duetto I Vilniu Lithua 14,890 8,327 7.2% 7.1% 100.0%*
s nia
Pirita SC Tallin Estoni 11,590 5,436 7.5% 7.8% 100.0%*
n a
Upmalas Riga Latvia 24,052 10,419 7.1% 7.0% 99.8%
Biroji BC
G4S Tallin Estoni 16,080 8,363 7.5% 7.2% 100.0%
Headquart n a
ers
Europa SC Vilniu Lithua 38,800 16,856 6.0% 5.7% 94.2%
s nia
Domus Pro Vilniu Lithua 17,180 11,247 7.7% 6.8% 98.2%
Retail s nia
Park
CC Plaza Tallin Estoni 13,180 8,664 8.3% 7.5% 100.0%
n a
Sky SC Riga Latvia 5,582 3,263 8.4% 7.2% 98.2%
Lincona Tallin Estoni 15,920 10,859 7.4% 7.1% 96.6%
n a
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 157,274 83,621 7.2% 6.9% 98.0%
portfolio
*Effective occupancy rate is 100% due to a rental guarantee provided by the
seller.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Euro 01.07.2017-30.09.2017 01.07.2016-30.09.2016 01.01.2017-30.09.2017
01.01.2016-30.09.2016
‘000
--------------------------------------------------------------------------------
------------------
Rental 2,955 2,058 8,622
5,334
incom
e
Servic 820 617 2,663
1,810
e
charg
e
incom
e
Cost (1,137) (747) (3,439)
(2,301)
of
renta
l
activ
ities
--------------------------------------------------------------------------------
------------------
Net 2,638 1,928 7,846
4,843
renta
l
incom
e
--------------------------------------------------------------------------------
------------------
--------------------------------------------------------------------------------
------------------
Admini (535) (482) (1,935)
(1,462)
strati
ve
expen
ses
Other 64 17 77
95
opera
ting
incom
e /
(expe
nses)
Valuat - 2,802 339
2,361
ion
gains
/
(loss
) on
inves
tment
prope
rties
Operat 2,167 4,265 6,327
5,837
ing
profi
t
--------------------------------------------------------------------------------
------------------
--------------------------------------------------------------------------------
------------------
Financ 2 3 45
11
ial
incom
e
Financ (348) (307) (1,123)
(840)
ial
expen
ses
--------------------------------------------------------------------------------
------------------
--------------------------------------------------------------------------------
------------------
Net (346) (304) (1,078)
(829)
finan
cing
costs
--------------------------------------------------------------------------------
------------------
--------------------------------------------------------------------------------
------------------
Profit 1,821 3,961 5,249
5,008
befor
e tax
Income (146) (253) (1,082)
(428)
tax
charg
e
--------------------------------------------------------------------------------
------------------
Profit 1,675 3,708 4,167
4,580
for
the
perio
d
--------------------------------------------------------------------------------
------------------
--------------------------------------------------------------------------------
------------------
Other comprehensive income that is or may be reclassified to profit or loss in
subsequent periods
Net (94) (36) 126
(65)
gains
(loss
es) on
cash
flow
hedge
s
Termin - - 57
-
ation
of
inter
est
rate
swap
agree
ment
recla
ssifie
d to
profi
t or
loss
Income 8 (7) (32)
(1)
tax
relat
ing to
net
gains
(loss
es) on
cash
flow
hedge
s
--------------------------------------------------------------------------------
------------------
Other (86) (43) 151
(66)
compr
ehensi
ve
incom
e/
(expe
nse),
net
of
tax,
that
is or
may
be
recla
ssifie
d to
profi
t or
loss
in
subse
quent
perio
ds
--------------------------------------------------------------------------------
------------------
Total 1,589 3,665 4,318
4,514
compr
ehensi
ve
incom
e/
(expe
nse)
for
the
perio
d, net
of
tax
--------------------------------------------------------------------------------
------------------
--------------------------------------------------------------------------------
------------------
Basic 0.03 0.09 0.07
0.12
and
dilut
ed
earni
ngs
per
unit
(Euro
)
--------------------------------------------------------------------------------
------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Euro ‘000 30.09.2017 31.12.2016
--------------------------------------------------------------
Non-current assets
Investment properties 157,822 141,740
Investment property under construction 5,725 1,580
Derivative financial instruments 9 -
Other non-current assets 72 288
--------------------------------------------------------------
Total non-current assets 163,628 143,608
--------------------------------------------------------------
--------------------------------------------------------------
Current assets
Trade and other receivables 1,569 1,269
Prepayments 135 178
Cash and cash equivalents 4,406 9,883
--------------------------------------------------------------
Total current assets 6,110 11,330
--------------------------------------------------------------
Total assets 169,738 154,938
--------------------------------------------------------------
--------------------------------------------------------------
Equity
Paid in capital 75,597 66,224
Own units - (8)
Cash flow hedge reserve (143) (294)
Retained earnings 11,199 10,887
--------------------------------------------------------------
Total equity 86,653 76,809
--------------------------------------------------------------
--------------------------------------------------------------
Non-current liabilities
Interest bearing loans and borrowings 63,601 58,981
Deferred tax liabilities 5,513 4,383
Derivative financial instruments 172 345
Other non-current liabilities 891 935
--------------------------------------------------------------
Total non-current liabilities 70,177 64,644
--------------------------------------------------------------
--------------------------------------------------------------
Current liabilities
Interest bearing loans and borrowings 8,968 10,191
Trade and other payables 3,496 2,876
Income tax payable 29 46
Other current liabilities 415 372
--------------------------------------------------------------
Total current liabilities 12,908 13,485
--------------------------------------------------------------
Total liabilities 83,085 78,129
--------------------------------------------------------------
Total equity and liabilities 169,738 154,938
--------------------------------------------------------------
Additional information:
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 an alternative investment fund manager license holder Northern
Horizon Capital AS.
Distribution: Nasdaq, GlobeNewswire, www.baltichorizon.com
This announcement contains information that the Management Company is obliged
to disclose pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the above distributors, at
7:15 EET on 22 November 2017.