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
6548
Manused
Esitamise kuupäev ja aeg
16.03.2018 20:05:40
Teate sisu eesti keeles
Pealkiri
BALTIC HORIZON FONDI 2017. AASTA KONSOLIDEERITUD NING AUDITEERITUD MAJANDUSTULEMUSED
Teade
Northern Horizon Capital AS juhatus kinnitas Baltic Horizon Fundi (Fond)
auditeeritud 2017. majandusaasta aruande. Finantstulemused ei ole, võrreldes
15. veebruaril 2018 avaldatud esialgsete tulemustega, muutunud.
Fondi vara brutoväärtus 2017. aasta lõpus kasvas 2016. aasta lõpuga võrreldes
154,9 miljonilt eurolt 215,8 miljoni euroni. Vara brutoväärtus kasvas peamiselt
tänu aasta jooksul omandatud uutele kinnisvarainvesteeringutele ja novembris
toimunud järjekordse osakute avaliku pakkumise tulemusena kasvanud rahalistele
vahenditele. Fond viis 13. veebruaril 2018 lõpule Postimaja ostukeskuse
omandamise ja on seega investeerinud suurema osa täiendavast kapitalist, mis
2017. aasta novembris kaasati.
2017. aastal kasvas Fondi vara puhasväärtus 2016. aasta lõpuga võrreldes 76,8
miljonilt eurolt 107 miljoni euroni. Kasv tulenes uuest kaasatud kapitalist ja
Kontserni 2017. aasta tegevustulemustest. Fond kaasas juunis ja novembris
toimunud avalikul pakkumisel 25,6 miljonit eurot netokapitali ja teenis 9,4
miljonit eurot puhaskasumit. Fond tegi ka investoritele rahalise väljamakse
summas 5,1 miljonit eurot.
2017. aastal kasvas Kontserni puhaskasum 2016. aastaga võrreldes 5,8 miljonilt
eurolt 9,4 miljoni euroni. Aasta vältel kajastas Kontsern õiglase väärtuse
muutustest teenitud kasumi summas 3,7 miljonit eurot (2016: 2,7 miljonit
eurot).
2017. aastal kajastas Kontsern puhast renditulu summas 10,8 miljonit eurot
(2016: 7,2 miljonit eurot). Puhas renditulu suurenes tänu uutele
kinnisvarainvesteeringutele, mis omandati pärast täiendava kapitali kaasamist
2016. aasta lõpus ja 2017. aastal.
Aasta peamised näitajad
Tuhandetes eurodes 2017 2016 Muutus
(%)
--------------------------------------------------------------------------------
Renditulu 11 839 7 874 50,4%
Teenustasutulu 3 692 2 594 42,3%
Renditegevuse kulud -4 763 -3 315 43,7%
--------------------------------------------------------------------------------
Puhas renditulu 10 768 7 153 50,5%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Avalike pakkumistega seotud kulud -637 -938 -32,1%
Halduskulud -2 137 -1 252 70,7%
Muud äritulud ja -kulud 14 97 -85,6%
Kinnisvarainvesteeringute ümberhindluse kasumid ja 3 676 2 737 34,3%
kahjumid
Ärikasum 11 684 7 797 49,9%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 47 14 235,7%
Finantskulud -1 528 -1 253 21,9%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -1 481 -1 239 19,5%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Maksueelne kasum 10 203 6 558 55,6%
Tulumaksukulu -759 -798 -4,9%
--------------------------------------------------------------------------------
Perioodi kasum 9 444 5 760 64,0%
--------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud keskmine arv 62 270 694 47 350 881 31,5%
Kasum osaku kohta (eurodes) 0,15 0,12 25,0%
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. aastal oli Fondi kinnisvarainvesteeringute portfelli rendipindade tegelik
keskmine täitumus 96,6% (2016: 97,1%). Kõiki rendigarantiisid arvesse võttes
oli sisemine täitumuse määr 97,8% (2016: 97,1%). Kinnisvarainvesteeringute
keskmine otsene tootlus oli 2017. aastal 7,2% (2016: 7,2%).
Kinnisvarainvesteeringute portfelli esmane puhastootlus oli samal perioodil
6,8% (2016: 6,8%).
Kinnisvara Linn Riik Turuväär Rendita 2017. 2017. aasta 2017.
-investeer tus1 v aasta esmane aasta
ing tuhandet netopin otsene puhastootlu täitumuse
es d tootlus s määr
eurodes
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Duetto I Vilniu Leedu 16 210 8 327 6,5% 6,4% 100,0%2
s
Pirita Tallin Eesti 11 630 5 436 7,5% 7,6% 100,0%2
ostukesku n
s
Upmalas Riia Läti 24 269 10 419 7,2% 6,7% 99,8%
Biroji
bürookomp
leks
G4S-i Tallin Eesti 16 570 8 363 7,4% 7,0% 100,0%
peahoone n
Europa Vilniu Leedu 39 600 16 856 6,5% 6,5% 95,5%
ostukesku s
s
Domus Pro Vilniu Leedu 17 280 11 247 7,8% 6,9% 98,0%
ostukesku s
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 8,2% 7,5% 100,0%
n
SKY Riia Läti 5 448 3 263 8,6% 7,5% 99,3%
supermark
et
Lincona Tallin Eesti 16 050 10 859 7,7% 7,4% 94,1%
n
Vainodes I Riia Läti 21 870 8 052 4,3%4 4,2% 100,0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Portfell 189 317 96 245 7,2% 6,8% 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 2017 2016
--------------------------------------------------------------------------------
Renditulu 11 839 7 874
Teenustasutulu 3 692 2 594
Renditegevuse kulud -4 763 -3 315
--------------------------------------------------------------------------------
Puhas renditulu 10 768 7 153
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Halduskulud -2 774 -2 190
Muud äritulud ja -kulud 14 97
Kinnisvarainvesteeringute ümberhindluse kasumid ja kahjumid 3 676 2 737
Ärikasum 11 684 7 797
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 47 14
Finantskulud -1 528 -1 253
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -1 481 -1 239
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Maksueelne kasum 10 203 6 558
Tulumaksukulu -759 -798
--------------------------------------------------------------------------------
Perioodi kasum 9 444 5 760
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum/-kahjum
Rahavoogude riskimaandamise puhaskasum/-kahjum 273 -113
Kasumisse või kahjumisse ümberliigitatava intressimäära 57 -
vahetuslepingu lõpetamine
Intressi ülemmäära (CAP) seadmise kulu -43 -
Rahavoogude riskimaandamise puhaskasumi/-kahjumiga seotud -49 18
tulumaks
Tulevikus kasumisse või kahjumisse ümberliigitatav 238 -95
tulumaksujärgne muu koondkasum/-kahjum
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkasum kokku 9 682 5 665
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tava- ja lahustatud kasum osaku kohta (eurodes) 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 16. märtsil 2018 kell 18:00 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Teate sisu inglise keeles
Pealkiri
BALTIC HORIZON FUND CONSOLIDATED AUDITED RESULTS FOR 2017
Teade
Management Board of Northern Horizon Capital AS has approved the audited
financial results of Baltic Horizon Fund (the Fund) for the year 2017. The
financial results remained unchanged compared to the preliminary disclosure on
15th of February 2018.
At the end of 2017, the GAV increased from EUR 154.9 million to EUR 215.8
million as compared to the end of 2016. The increase is mainly related to new
acquisitions during the year and the increase in cash as a result of the latest
secondary public offering in November. The Fund completed the acquisition of
the Postimaja Shopping Centre on 13 February 2018 and thus has deployed most of
the new capital raised in November 2017.
During 2017, the Fund NAV increased from EUR 76.8 million to EUR 107 million as
compared to the end of 2016. The increase is related to new equity raised and
the Group’s operational performance over the year. The Fund raised EUR 25.6
million net equity during the June and November public offerings and generated
EUR 9.4 million in net profit. The Fund also made a EUR 5.1 million cash
distribution to its investors.
In 2017, the net profit of the Group increased from EUR 5.8 million to EUR 9.4
million as compared to 2016. During the year, the Group recorded a EUR 3.7
million fair value gain (EUR 2.7 million during 2016).
In 2017, the Group recorded a EUR 10.8 million net rental income (EUR 7.2
million in 2016). The increase is related to new acquisitions that were made
following the capital raisings at the end of 2016 and during 2017.
Annual Key Figures
Euro ‘000 2017 2016 Change (%)
Rental income 11,839 7,874 50.4%
Service charge income 3,692 2,594 42.3%
Cost of rental activities (4,763) (3,315) 43.7%
Net rental income 10,768 7,153 50.5%
Expenses related to public offerings (637) (938) (32.1)%
Administrative expenses (2,137) (1,252) 70.7%
Other operating income / (expenses) 14 97 (85.6)%
Valuation gain / (loss) on investment 3,676 2,737 34.3%
properties
Operating profit 11,684 7,797 49.9%
Financial income 47 14 235.7%
Financial expenses (1,528) (1,253) 21.9%
Net financing costs (1,481) (1,239) 19.5%
Profit before tax 10,203 6,558 55.6%
Income tax charge (759) (798) (4.9)%
Profit for the period 9,444 5,760 64.0%
Weighted average number of units outstanding 62,270,694 47,350,881 31.5%
Earnings per unit (EUR) 0.08 0.02 300.0%
Weighted average number of units outstanding 62,270,694 47,350,881 31.5%
Earnings per unit (EUR) 0.15 0.12 25.0%
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 2017, the average actual occupancy of the portfolio was 96.6% (2016:
97.1%). When all rental guarantees are considered, the effective occupancy rate
is 97.8% (2016: 97.1%). Average direct property yield during 2017 was 7.2%
(2016: 7.2%). The net initial yield for the whole portfolio for 2017 was 6.8%
(2016: 6.8%).
Property City Countr Market NLA Direct Net Occupancy
name y value1 property initial rate
Euro‘00 yield for yield for for2017
0 2017 2017
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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 7.5% 7.6% 100.0%2
n a
Upmalas Riga Latvia 24,269 10,419 7.2% 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 6.5% 6.5% 95.5%
s nia
Domus Pro Vilniu Lithua 17,280 11,247 7.8% 6.9% 98.0%
Retail s nia
Park
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 8.2% 7.5% 100.0%
n a
Sky SC Riga Latvia 5,448 3,263 8.6% 7.5% 99.3%
Lincona Tallin Estoni 16,050 10,859 7.7% 7.4% 94.1%
n a
Vainodes Riga Latvia 21,870 8,052 4.3%4 4.2% 100.0%
I
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 189,317 96,245 7.2% 6.8% 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 2017 2016
--------------------------------------------------------------------------------
Rental income 11,839 7,874
Service charge income 3,692 2,594
Cost of rental activities (4,763) (3,315)
--------------------------------------------------------------------------------
Net rental income 10,768 7,153
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Administrative expenses (2,774) (2,190)
Other operating income / (expenses) 14 97
Valuation gains / (loss) on investment properties 3,676 2,737
Operating profit 11,684 7,797
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 47 14
Financial expenses (1,528) (1,253)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net financing costs (1,481) (1,239)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit before tax 10,203 6,558
Income tax charge (759) (798)
--------------------------------------------------------------------------------
Profit for the period 9,444 5,760
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income that is or may be reclassified to profit or loss in
subsequent periods
Net gains (losses) on cash flow hedges 273 (113)
Termination of interest rate swap agreement reclassified to 57 -
profit or loss
Recognition of initial interest rate cap costs (43) -
Income tax relating to net gains (losses) on cash flow hedges (49) 18
Other comprehensive income/ (expense), net of tax, that is or 238 (95)
may be reclassified to profit or loss in subsequent periods
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income/ (expense) for the period, net of 9,682 5,665
tax
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Basic and diluted earnings per unit (Euro) 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
18:00 EET on 16 March 2018.