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
6495
Manused
Esitamise kuupäev ja aeg
15.02.2018 15:45:00
Teate sisu eesti keeles
Pealkiri
Baltic Horizon Fondi 2017. aasta IV kvartali konsolideeritud auditeerimata majandustulemused
Teade
Fondi vara brutoväärtus kasvas 2017. aasta IV kvartalis 31,8%. Kui III kvartali
lõpus oli vara brutoväärtus 169,7 miljonit eurot, siis IV kvartali lõpuks oli
see tõusnud 215,8 miljoni euroni. IV kvartalis viis Fond lõpule Vainodes I
omandamise ja kaasas novembris korraldatud järjekordsel osakute avalikul
pakkumisel 17 miljonit eurot täiendavat kapitali (brutosumma).
Fondi vara puhasväärtus kasvas 2017. aasta IV kvartalis 86,7 miljonilt eurolt
107 miljoni euroni. Puhasväärtuse tõus tuleneb novembris kaasatud täiendavast
kapitalist ja Kontserni IV kvartali majandustulemustest. Fond tegi
osakuomanikele ka rahalise väljamakse kogusummas 1,3 miljonit eurot (0,020
eurot osaku kohta).
Fond teenis 2017. aasta IV kvartalis 5 277 tuhat eurot puhaskasumit (2016.
aasta IV kvartal: 1 180 tuhat eurot). Fondi IV kvartali tulemustele avaldasid
positiivset mõju aasta lõpus läbiviidud kinnisvarainvesteeringute
ümberhindlused. Fond kajastas IV kvartalis õiglase väärtuse muutusest teenitud
kasumit summas 3 337 tuhat eurot. Eelmisel aastal hinnati suurema osa
kinnisvarainvesteeringute väärtust III kvartalis. Alates 2017. aastast
hinnatakse Fondi kinnisvarainvesteeringuid ümber iga kuue kuu tagant (juunis ja
detsembris).
Fond teenis 2017. aasta IV kvartalis 2,9 miljonit eurot puhast renditulu (2016.
aasta IV kvartal: 2,3 miljonit eurot). Puhas renditulu suurenes tänu uutele
kinnisvarainvesteeringutele, mis omandati pärast täiendava kapitali kaasamist
2016. aasta lõpus ja 2017. aasta alguses. Fond viis 2018. aasta 13. veebruaril
lõpule Postimaja ostukeskuse omandamise ja on seega suurema osa täiendavast
kapitalist, mis 2017. aasta novembris kaasati, investeerinud.
Kvartali peamised näitajad
Tuhandetes eurodes IV kv IV kv Muutus
2017 2016 (%)
--------------------------------------------------------------------------------
Renditulu 3 217 2 540 26,7%
Teenustasutulu 1 029 784 31,3%
Renditegevuse kulud -1 324 -1 014 30,6%
--------------------------------------------------------------------------------
Puhas renditulu 2 922 2 310 26,5%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Avalike pakkumistega seotud kulud -203 -313 -35,1%
Halduskulud -636 -415 53,3%
Muud äritulud ja -kulud -63 2 ->100,0%
Kinnisvarainvesteeringute ümberhindluse 3 337 376 787,5%
kasumid/kahjumid
Ärikasum 5 357 1 960 173.3%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 2 3 -33,3%
Finantskulud -405 -413 -1,9%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -403 -410 -1,7%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Maksueelne kasum 4 954 1 550 219,6%
Tulumaksutulu/-kulu 323 -370 -187,3%
--------------------------------------------------------------------------------
Perioodi kasum 5 277 1 180 347,2%
--------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud keskmine 62 270 694 47 350 881 31,5%
arv
Kasum osaku kohta (eurodes) 0,08 0,02 300,0%
Tuhandetes eurodes 31.12.2017 31.12.2016 Muutus (%)
--------------------------------------------------------------------------------
Kasutuses olevad kinnisvarainvesteeringud 189 317 141 740 33,6%
Vara brutoväärtus 215 785 154 938 39,3%
Intressikandvad laenud 98 087 69 172 41,8%
Kohustused kokku 108 809 78 129 39,3%
Vara puhasväärtus 106 976 76 809 39,3%
--------------------------------------------------------------------------------
Ringluses olevate osakute arv 77 440 638 57 264 743 35,2%
Vara puhasväärtus osaku kohta (eurodes) 1,3814 1,3413 3,0%
Laenu tagatuse suhtarv 51,8% 48,8%
Keskmine sisemine intressimäär 1,7% 1,8%
KINNISVARA INVESTEERINGUTE TULEMUSED 31. DETSEMBER 2017 SEISUGA
2017. aasta IV kvartalis oli Fondi kinnisvarainvesteeringute portfelli
rendipindade tegelik keskmine täitumus 96,6% (2017. aasta III kvartal: 97,5%).
Kõiki rendigarantiisid arvesse võttes oli sisemine täitumuse määr 97,2% (2017.
aasta III kvartal: 98,0%). Kinnisvarainvesteeringute keskmine otsene tootlus IV
kvartalis oli 7,1% (2017. aasta III kvartal: 7,2%). Kinnisvarainvesteeringute
portfelli esmane puhastootlus oli samal perioodil 6,7% (2017. aasta III
kvartal: 6,9%).
Kinnisvara-in Linn Riik Turuväärt Renditav Otsene Esmane Täitumus
vesteering us1 netopind tootlus puhas-too e määr
tuhandete tlus IV kv
s eurodes 2017
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Duetto I Vilniu Leedu 16 210 8 327 6,5% 6,4% 100,0%2
s
Pirita Tallin Eesti 11 630 5 436 7,4% 7,8% 100,0%2
ostukeskus n
Upmalas Riia Läti 24 269 10 419 6,9% 6,7% 99,8%
Biroji
bürookomplek
s
G4S-i Tallin Eesti 16 570 8 363 7,4% 7,0% 100,0%
peahoone n
Europa Vilniu Leedu 39 600 16 856 6,9% 6,5% 95,5%
ostukeskus s
Domus Pro Vilniu Leedu 17 280 11 247 8,4% 6,9% 98,0%
ostukeskus s
Domus Pro Vilniu Leedu 7 150 4 759 3,9%3 2,8% 73,4%
ärikeskus s
CC Plaza Tallin Eesti 13 240 8 664 8,3% 7,5% 100,0%
n
SKY Riia Läti 5 448 3 263 8,4% 7,5% 99,3%
supermarket
Lincona Tallin Eesti 16 050 10 859 7,6% 7,3% 94,1%
n
Vainodes I Riia Läti 21 870 8 052 4,3%3 4,2% 100,0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Portfell 189 317 96 245 7,1% 6,7% 97,2%
kokku
1. Põhineb viimasel, seisuga 31. detsember 2017 teostatud hindamisel.
2. Sisemine täitumuse määr on rendigarantii tõttu 100%.
3. Domus Pro III järk avati oktoobris, kuid see ei olnud 2017. aasta IV
kvartalis täielikult välja renditud. Ootuste kohaselt õnnestub see
täielikult välja rentida 2018. aasta I kvartali lõpuks. Arenduse eeldatav
tootlus ja kinnisvarainvesteeringu otsene tootlus (aastapõhine) on 7,9%.
4. Vainodes I omandamine viidi lõpule 12. detsembril 2017. Kinnisvara otsene
tootlus (aastapõhine) on 7,0%.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
Tuhandetes eurodes IV kv IV kv 12k 12k
2017 2016 2017 2016
--------------------------------------------------------------------------------
Renditulu 3 217 2 540 11 839 7 874
Teenustasutulu 1 029 784 3 692 2 594
Renditegevuse kulud -1 324 -1 014 -4 763 -3 315
--------------------------------------------------------------------------------
Puhas renditulu 2 922 2 310 10 768 7 153
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Halduskulud -839 -728 -2 774 -2 190
Muud äritulud ja -kulud -63 2 14 97
Kinnisvarainvesteeringute ümberhindlusest saadud 3 337 376 3 676 2 737
kasumid
Ärikasum 5 357 1 960 11 684 7 797
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 2 3 47 14
Finantskulud -405 -413 -1 528 -1 253
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -403 -410 -1 481 -1 239
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Maksueelne kasum 4 954 1 550 10 203 6 558
Tulumaksutulu ja -kulu 323 -370 -759 -798
--------------------------------------------------------------------------------
Perioodi kasum 5 277 1 180 9 444 5 760
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum/-kahjum
Rahavoogude riskimaandamise puhaskasum/-kahjum 148 -48 274 -113
Kasumisse või kahjumisse ümberliigitatava - - 57 -
intressimäära vahetuslepingu lõpetamine
Intressi ülemmäära (CAP) seadmise kulu -43 - -43 -
Rahavoogude riskimaandamise -18 19 -50 18
puhaskasumi/-kahjumiga seotud tulumaks
--------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse 87 -29 238 -95
ümberliigitatav tulumaksujärgne muu
koondkasum/-kahjum
--------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkasum kokku 5 364 1 151 9 682 5 665
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tava- ja lahustatud kasum osaku kohta (eurodes) 0,08 0,02 0,15 0,12
--------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 31.12.2017 31.12.2016
-----------------------------------------------------------
Põhivara
Kinnisvarainvesteeringud 189 317 141 740
Lõpetamata kinnisvarainvesteeringud - 1 580
Tuletisinstrumendid 89 -
Muu põhivara 146 288
-----------------------------------------------------------
Põhivara kokku 189 552 143 608
-----------------------------------------------------------
-----------------------------------------------------------
Käibevara
Nõuded ostjate vastu ja muud nõuded 1 568 1 269
Ettemaksed 108 178
Raha ja raha ekvivalendid 24 557 9 883
-----------------------------------------------------------
Käibevara kokku 26 233 11 330
-----------------------------------------------------------
Varad kokku 215 785 154 938
-----------------------------------------------------------
-----------------------------------------------------------
Omakapital
Sissemakstud kapital 91 848 66 224
Omaosakud - -8
Rahavoogude riskimaandamise reserv -56 -294
Jaotamata kasum 15 184 10 887
-----------------------------------------------------------
Omakapital kokku 106 976 76 809
-----------------------------------------------------------
-----------------------------------------------------------
Pikaajalised kohustused
Intressikandvad laenukohustused 96 497 58 981
Edasilükkunud tulumaksukohustused 5 206 4 383
Tuletisinstrumendid 88 345
Muud pikaajalised kohustused 859 935
-----------------------------------------------------------
Pikaajalised kohustused kokku 102 650 64 644
-----------------------------------------------------------
-----------------------------------------------------------
Lühiajalised kohustused
Intressikandvad laenukohustused 1 590 10 191
Võlad tarnijatele ja muud võlad 4 202 2 876
Tulumaksukohustus 14 46
Tuletisinstrumendid 15 -
Muud lühiajalised kohustused 338 372
-----------------------------------------------------------
Lühiajalised kohustused kokku 6 159 13 485
-----------------------------------------------------------
Kohustused kokku 108 809 78 129
-----------------------------------------------------------
Omakapital ja kohustused kokku 215 785 154 938
-----------------------------------------------------------
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 15. veebruaril 2018 kell 15:01 Eesti aja järgi
ülalmainitud avaldamiskanalite esindajatele.
Teate sisu inglise keeles
Pealkiri
Baltic Horizon Fund consolidated un-audited results for Q4 2017
Teade
At the end of Q4 2017, the GAV increased by 31.8% from EUR 169.7 million to EUR
215.8 million as compared to the end of Q3 2017. During the quarter, the Group
closed Vainodes I acquisition and raised additional gross equity of EUR 17
million through a secondary public offering in November.
In Q4 2017, the Fund NAV increased from EUR 86.7 million to EUR 107 million.
The increase is related to new equity raised in November and the Group’s
operational performance over the quarter. The Fund also made a EUR 1.3 million
cash distribution to its unitholders (EUR 0.020 per unit).
In Q4 2017, the Fund earned a net profit of EUR 5,277 thousand (EUR 1,180
thousand during Q4 2016). During Q4 2017, the Fund’s performance was positively
affected by year-end valuations. During the quarter, the Fund recorded a fair
value gain of EUR 3,337 thousand. Last year, the Fund’s investment property
valuations were mainly performed in Q3 2016. Starting from 2017 onwards
properties are being revalued every 6 months, in June and December.
In Q4 2017, the Fund recorded a EUR 2.9 million NOI (EUR 2.3 million in Q4
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. The Fund has
completed the acquisition of Postimaja Shopping Centre on 13th of February 2018
and thus has deployed majority of the new capital raised in November 2017.
Quarterly Key Figures
Euro ‘000 Q4 2017 Q4 2016 Change (%)
-------------------------------------------------------------------------------
Rental income 3,217 2,540 26.7%
Service charge income 1,029 784 31.3%
Cost of rental activities (1,324) (1,014) 30.6%
-------------------------------------------------------------------------------
Net rental income 2,922 2,310 26.5%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Expenses related to public offerings (203) (313) (35.1)%
Administrative expenses (636) (415) 53.3%
Other operating income / (expenses) (63) 2 (>100.0)%
Valuation gains / (loss) on investment properties 3,337 376 787.5%
Operating profit 5,357 1,960 173.3%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Financial income 2 3 (33.3)%
Financial expenses (405) (413) (1.9)%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net financing costs (403) (410) (1.7)%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit before tax 4,954 1,550 219.6%
Income tax charge 323 (370) (187.3)%
-------------------------------------------------------------------------------
Profit for the period 5,277 1,180 347.2%
-------------------------------------------------------------------------------
Weighted average number of units outstanding 62,270,694 47,350,881 31.5%
Earnings per unit (EUR) 0.08 0.02 300.0%
Euro ‘000 31.12.2017 31.12.2016 Change (%)
--------------------------------------------------------------
Investment property in use 189,317 141,740 33.6%
Gross asset value (GAV) 215,785 154,938 39.3%
Interest bearing loans 98,087 69,172 41.8%
Total liabilities 108,809 78,129 39.3%
Net asset value (NAV) 106,976 76,809 39.3%
--------------------------------------------------------------
Number of units outstanding 77,440,638 57,264,743 35.2%
Net asset value (NAV) per unit (EUR) 1.3814 1.3413 3.0%
Loan-to-Value ratio (LTV) 51.8% 48.8%
Average effective interest rate 1.7% 1.8%
Investment properties PERFORMANCE as of 31 DECEMBER 2017
During Q4 2017, the average actual occupancy of the portfolio was 96.6% (Q3
2017: 97.5%). When all rental guarantees are considered, the effective
occupancy rate is 97.2% (Q3 2017: 98.0%). Average direct property yield during
Q4 was 7.1% (Q3 2017: 7.2%). The net initial yield for the whole portfolio for
Q4 2017 was 6.7% (Q3 2017: 6.9%).
Property City Countr Market NLA Direct Net Occupancy
name y value1 property initial rate for Q4
Euro‘00 yield yield 2017
0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Duetto I Vilniu Lithua 16,210 8,327 6.5% 6.4% 100.0%2
s nia
Pirita SC Tallin Estoni 11,630 5,436 7.4% 7.8% 100.0%2
n a
Upmalas Riga Latvia 24,269 10,419 6.9% 6.7% 99.8%
Biroji
BC
G4S Tallin Estoni 16,570 8,363 7.4% 7.0% 100.0%
Headquar n a
ters
Europa SC Vilniu Lithua 39,600 16,856 6.9% 6.5% 95.5%
s nia
Domus Pro Vilniu Lithua 17,280 11,247 8.4% 6.9% 98.0%
Retail s nia
Domus Pro Vilniu Lithua 7,150 4,759 3.9%3 2.8% 73.4%
Office s nia
CC Plaza Tallin Estoni 13,240 8,664 8.3% 7.5% 100.0%
n a
Sky SC Riga Latvia 5,448 3,263 8.4% 7.5% 99.3%
Lincona Tallin Estoni 16,050 10,859 7.6% 7.3% 94.1%
n a
Vainodes Riga Latvia 21,870 8,052 4.3%3 4.2% 100.0%
I
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 189,317 96,245 7.1% 6.7% 97.2%
portfoli
o
1. Based on the latest valuation as at 31 December 2017.
2. Effective occupancy rate is 100% due to a rental guarantee.
3. Domus Pro stage III was opened in October, however, it was not fully
occupied during Q4 2017. It is expected to be fully occupied by the end of
Q1 2018. The property development yield and annualized direct property
yield is 7.9%.
4. Vainodes I acquisition was closed on 12 December 2017. The annualized
direct property yield is 7.0%.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Euro ‘000 Q4 2017 Q4 2016 12M 12M
2017 2016
--------------------------------------------------------------------------------
Rental income 3,217 2,540 11,839 7,874
Service charge income 1,029 784 3,692 2,594
Cost of rental activities (1,324) (1,014) (4,763) (3,315)
--------------------------------------------------------------------------------
Net rental income 2,922 2,310 10,768 7,153
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Administrative expenses (839) (728) (2,774) (2,190)
Other operating income / (expenses) (63) 2 14 97
Valuation gains / (loss) on investment 3,337 376 3,676 2,737
properties
Operating profit 5,357 1,960 11,684 7,797
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 2 3 47 14
Financial expenses (405) (413) (1,528) (1,253)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net financing costs (403) (410) (1,481) (1,239)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit before tax 4,954 1,550 10,203 6,558
Income tax charge 323 (370) (759) (798)
--------------------------------------------------------------------------------
Profit for the period 5,277 1,180 9,444 5,760
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net gains (losses) on cash flow hedges 148 (48) 274 (113)
Termination of interest rate swap agreement - - 57 -
reclassified to profit or loss
Recognition of initial interest rate cap (43) - (43) -
costs
Income tax relating to net gains (losses) on (18) 19 (50) 18
cash flow hedges
--------------------------------------------------------------------------------
Other comprehensive income/ (expense), net 87 (29) 238 (95)
of tax, that is or may be reclassified to
profit or loss in subsequent periods
--------------------------------------------------------------------------------
Total comprehensive income/ (expense) for 5,364 1,151 9,682 5,665
the period, net of tax
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Basic and diluted earnings per unit (Euro) 0.08 0.02 0.15 0.12
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Euro ‘000 31.12.2017 31.12.2016
--------------------------------------------------------------
Non-current assets
Investment properties 189,317 141,740
Investment property under construction - 1,580
Derivative financial instruments 89 -
Other non-current assets 146 288
--------------------------------------------------------------
Total non-current assets 189,552 143,608
--------------------------------------------------------------
--------------------------------------------------------------
Current assets
Trade and other receivables 1,568 1,269
Prepayments 108 178
Cash and cash equivalents 24,557 9,883
--------------------------------------------------------------
Total current assets 26,233 11,330
--------------------------------------------------------------
Total assets 215,785 154,938
--------------------------------------------------------------
--------------------------------------------------------------
Equity
Paid in capital 91,848 66,224
Own units - (8)
Cash flow hedge reserve (56) (294)
Retained earnings 15,184 10,887
--------------------------------------------------------------
Total equity 106,976 76,809
--------------------------------------------------------------
--------------------------------------------------------------
Non-current liabilities
Interest bearing loans and borrowings 96,497 58,981
Deferred tax liabilities 5,206 4,383
Derivative financial instruments 88 345
Other non-current liabilities 859 935
--------------------------------------------------------------
Total non-current liabilities 102,650 64,644
--------------------------------------------------------------
--------------------------------------------------------------
Current liabilities
Interest bearing loans and borrowings 1,590 10,191
Trade and other payables 4,202 2,876
Income tax payable 14 46
Derivative financial instruments 15 -
Other current liabilities 338 372
--------------------------------------------------------------
Total current liabilities 6,159 13,485
--------------------------------------------------------------
Total liabilities 108,809 78,129
--------------------------------------------------------------
Total equity and liabilities 215,785 154,938
--------------------------------------------------------------
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
15:01 EET on 15 February 2018.