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
Muud korporatiivtoimingud
Teate ID
6637
Manused
Esitamise kuupäev ja aeg
04.05.2018 12:45:00
Teate sisu eesti keeles
Pealkiri
BALTIC HORIZON FONDI 2018. AASTA I KVARTALI KONSOLIDEERITUD AUDITEERIMATA MAJANDUSTULEMUSED
Teade
2018. aasta I kvartalis kasvas Fondi vara brutoväärtus 215,8 miljonilt eurolt
234,5 miljoni euroni. I kvartalis viis Kontsern lõpule Postimaja ostukeskuse
omandamise ja kaasas selle tehingu raames täiendavalt 2,35 miljonit eurot
kapitali (brutosumma).
2018. aasta I kvartalis kasvas Fondi vara puhasväärtus 107 miljonilt eurolt 109
miljoni euroni. Kasv tulenes veebruaris kaasatud täiendavast kapitalist ja
Kontserni I kvartali majandustulemustest. Fond tegi osakuomanikele ka rahalise
väljamakse kogusummas 1,8 miljonit eurot (0,023 eurot osaku kohta).
Fond teenis 2018. aasta I kvartalis 1 684 tuhat eurot puhaskasumit (2017. aasta
I kvartal: 950 tuhat eurot). 2018. aasta I kvartalis avaldas Fondi tulemustele
negatiivset mõju Lätis tekkinud ühekordne maksukulu summas 467 tuhat eurot, mis
tulenes Vainodes I kinnisvarainvesteeringu ostutehingu struktuurist.
Fond teenis 2018. aasta I kvartalis 3,4 miljonit eurot puhast renditulu (2017.
aasta I kvartal: 2,5 miljonit eurot). Puhas renditulu suurenes tänu uutele
kinnisvarainvesteeringutele, mis omandati pärast täiendava kapitali kaasamist
2017. aasta lõpus ja 2018. aasta alguses (Vainodes I ja Postimaja ostukeskus).
Fond viis 2018. aasta 13. veebruaril lõpule Postimaja ostukeskuse omandamise ja
on seega investeerinud suurema osa täiendavast kapitalist, mis 2017. aasta
novembris kaasati.
Kvartali peamised näitajad
I kv 2017
Tuhandetes eurodes I kv 2018 (korrigeeritud)* Muutus (%)
------------------------------------------------------------------------
Renditulu 3 606 2 727 32,2%
Teenustasutulu 585 358 63,4%
Renditegevuse kulud -782 -559 39,9%
------------------------------------------------------------------------
Puhas renditulu 3 409 2 526 35,0%
------------------------------------------------------------------------
Avalike pakkumistega seotud kulud - -202 -100,0%
Halduskulud -640 -528 21,2%
Muud äritulud ja -kulud 6 13 -53,8%
------------------------------------------------------------------------
Ärikasum 2 775 1 809 53,4%
------------------------------------------------------------------------
Finantstulud 2 41 -95,1%
Finantskulud -489 -332 47,3%
------------------------------------------------------------------------
Finantstulud ja -kulud kokku -487 -291 67,4%
------------------------------------------------------------------------
Maksueelne kasum 2 288 1 518 50,7%
Tulumaksukulu -604 -568 6,3%
------------------------------------------------------------------------
Perioodi kasum 1 684 950 77,3%
------------------------------------------------------------------------
*2018. aastal hakkas Kontsern rakendama standardit IFRS 15 ?Kliendilepingutest
saadav müügitulu", mis muutus kohustuslikuks alates 1. jaanuarist 2018. Selle
tulemusena korrigeeriti teenustasutulu ja renditegevuse kulude võrdlusandmeid.
Korrigeerimine ei avaldanud mõju Kontserni omakapitalile. Mõju on seotud
standardist IFRS 15 tingitud muutustega informatsiooni esitusviisis.
Ringluses olevate osakute kaalutud keskmine arv 78 154 221 57 262 887 36,5%
Kasum osaku kohta (eurodes) 0,02 0,02 -%
Tuhandetes eurodes 31.03.2018 31.12.2017 Muutus (%)
---------------------------------------------------------------------------
Kasutuses olevad kinnisvarainvesteeringud 223 961 189 317 18,3%
Vara brutoväärtus 234 486 215 785 8,7%
Intressikandvad laenud 116 198 98 087 18,5%
Kohustused kokku 125 531 108 809 15,4%
Vara puhasväärtus 108 959 106 976 1,9%
---------------------------------------------------------------------------
Ringluses olevate osakute arv 79 157 094 77 440 638 2,2%
Vara puhasväärtus osaku kohta (eurodes) 1,3765 1,3814 -0,4%
Laenu tagatuse suhtarv 51,9% 51,8%
Keskmine sisemine intressimäär 1,8% 1,7%
KINNISVARA INVESTEERINGUTE TULEMUSED 31. MÄRTS 2018 SEISUGA
2018. aasta I kvartalis oli Fondi kinnisvarainvesteeringute portfelli
rendipindade tegelik keskmine täitumus 97,4% (2017. aasta IV kvartal: 96,6%).
Kõiki rendigarantiisid arvesse võttes oli sisemine täitumuse määr 97,7% (2017.
aasta IV kvartal: 97,2%). Kinnisvarainvesteeringute keskmine otsene tootlus
2018. aasta I kvartalis oli 6,9% (2017. aasta IV kvartal: 7,1%).
Kinnisvarainvesteeringute portfelli esmane puhastootlus oli samal perioodil
6,4% (2017. aasta IV kvartal: 6,7%).
------------------------------------------------------------------------------------
Turuväärtus(1) Esmane Täitumuse
Kinnisvara- tuhandetes Renditav Otsene puhas- määr
investeering Linn Riik eurodes netopind tootlus(2) tootlus(3) I kv 2018
------------------------------------------------------------------------------------
Duetto I Vilnius Leedu 16 210 8 327 7,5% 6,9% 100,0%(4)
Pirita
ostukeskus Tallinn Eesti 11 630 5 436 7,4% 7,7% 100,0%(4)
Upmalas
Biroji
bürookompleks Riia Läti 24 269 10 419 7,0% 6,8% 99,8%
G4S-i
peahoone Tallinn Eesti 16 570 8 363 7,6% 7,1% 100,0%
Europa
ostukeskus Vilnius Leedu 39 600 16 856 6,3% 5,8% 95,8%
Domus Pro
ostukeskus Vilnius Leedu 17 280 11 247 7,7% 7,0% 98,4%
Domus Pro
ärikeskus Vilnius Leedu 7 150 4 759 6,8% 6,1% 89,5%
CC Plaza Tallinn Eesti 13 240 8 664 8,3% 7,5% 100,0%
Sky
supermarket Riia Läti 5 448 3 263 8,3% 7,6% 99,3%
Lincona Tallinn Eesti 16 050 10 859 7,6% 7,4% 94,1%
Vainodes I Riia Läti 21 870 8 052 6,8% 6,6% 100,0%
Postimaja Tallinn Eesti 34 400 9 141 4,7%(5) 5,0% 95,6%
------------------------------------------------------------------------------------
Portfell
kokku 223 717 105 386 6,9% 6,4% 97,4%
1. Põhineb viimasel, seisuga 31. detsember 2017 teostatud hindamisel.
2. Kinnisvarainvesteeringu otsene tootlus saadakse puhta äritulu jagamisel
kinnisvarainvesteeringu soetusmaksumuse ja hilisemate kapitalikuludega
3. Esmane puhastootlus saadakse puhta äritulu jagamisel kinnisvarainvesteeringu
turuväärtusega.
4. Sisemine täitumuse määr on rendigarantii tõttu 100%.
5. Postimaja omandamine viidi lõpule 13. veebruaril 2018.
Kinnisvarainvesteeringu aastapõhine otsene tootlus on 5,4%.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
I kv 2017
Tuhandetes eurodes I kv 2018 (korrigeeritud)*
-------------------------------------------------------------------------------
Renditulu 3 606 2 727
Teenustasutulu 585 358
Renditegevuse kulud -782 -559
-------------------------------------------------------------------------------
Puhas renditulu 3 409 2 526
-------------------------------------------------------------------------------
Halduskulud -640 -730
Muud äritulud ja -kulud 6 13
-------------------------------------------------------------------------------
Ärikasum 2 775 1 809
-------------------------------------------------------------------------------
Finantstulud 2 41
Finantskulud -489 -332
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -487 -291
-------------------------------------------------------------------------------
Maksueelne kasum 2 288 1 518
Tulumaksukulu -604 -568
-------------------------------------------------------------------------------
Perioodi kasum 1 684 950
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum/-kahjum
Rahavoogude riskimaandamise puhaskasum/-kahjum -315 138
Rahavoogude riskimaandamise puhaskasumi/-kahjumiga
seotud tulumaks 45 -17
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav
tulumaksujärgne muu koondkasum/-kahjum -270 121
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkasum kokku 1 414 1 071
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava- ja lahustatud kasum osaku kohta (eurodes) 0,02 0,02
-------------------------------------------------------------------------------
* 2018. aastal hakkas Kontsern rakendama standardit IFRS 15 ?Kliendilepingutest
saadav müügitulu", mis muutus kohustuslikuks alates 1. jaanuarist 2018. Selle
tulemusena korrigeeriti teenustasutulu ja renditegevuse kulude võrdlusandmeid.
Korrigeerimine ei avaldanud mõju Kontserni omakapitalile. Mõju on seotud
standardist IFRS 15 (lisa 4) tingitud muutustega informatsiooni esitusviisis.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 31.03.2018 31.12.2017
----------------------------------------------------------------
Põhivara
Kinnisvarainvesteeringud 223 961 189 317
Tuletisinstrumendid 94 89
Muu põhivara 140 146
----------------------------------------------------------------
Põhivara kokku 224 195 189 552
----------------------------------------------------------------
Käibevara
Nõuded ostjate vastu ja muud nõuded 1 720 1 568
Ettemaksed 281 108
Raha ja raha ekvivalendid 8 290 24 557
----------------------------------------------------------------
Käibevara kokku 10 291 26 233
----------------------------------------------------------------
Varad kokku 234 486 215 785
----------------------------------------------------------------
Omakapital
Sissemakstud kapital 94 198 91 848
Rahavoogude riskimaandamise reserv (326) (56)
Jaotamata kasum 15 087 15 184
----------------------------------------------------------------
Omakapital kokku 108 959 106 976
----------------------------------------------------------------
Pikaajalised kohustused
Intressikandvad laenukohustused 114 225 96 497
Edasilükkunud tulumaksukohustused 5 295 5 206
Tuletisinstrumendid 423 88
Muud pikaajalised kohustused 874 859
----------------------------------------------------------------
Pikaajalised kohustused kokku 120 817 102 650
----------------------------------------------------------------
Lühiajalised kohustused
Intressikandvad laenukohustused 1 973 1 590
Võlad tarnijatele ja muud võlad 1 944 4 202
Tulumaksukohustus 467 14
Tuletisinstrumendid - 15
Muud lühiajalised kohustused 326 338
----------------------------------------------------------------
Lühiajalised kohustused kokku 4 710 6 159
----------------------------------------------------------------
Kohustused kokku 125 527 108 809
----------------------------------------------------------------
Omakapital ja kohustused kokku 234 486 215 785
----------------------------------------------------------------
Lisainformatsioon:
Tarmo Karotam
Baltic Horizon Fund, fondijuht
E-mail [email protected] (mailto:[email protected])
www.baltichorizon.com (http://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 (http://www.baltichorizon.com/)
Käesolev teade sisaldab informatsiooni, mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukurvitarvituse määruse kohaselt. Informatsioon
esitati avaldamiseks 4. mail 2018 kell 11:50 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Manused
* BHF quarterly report Q1 2018 (https://prlibrary-
eu.nasdaq.com/Resource/Download/f9ceb1e5-b3e0-4c39-836e-fe91accfcafd)
* BHF I kvartali vahearuanne 2018 (https://prlibrary-
eu.nasdaq.com/Resource/Download/99d1553b-45df-4d28-b893-a7f6c5ebbd8d)
Teate sisu inglise keeles
Pealkiri
Baltic Horizon Fund Consolidated Un-Audited Results for Q1 2018
Teade
In Q1 2018, the GAV increased from EUR 215.8 million to EUR 234.5 million.
During the quarter, the Group closed the Postimaja shopping centre acquisition
and raised additional gross equity of EUR 2.35 million, which was part of the
Postimaja transaction.
In Q1 2018, the Fund NAV increased from EUR 107 million to EUR 109 million. The
increase is related to new equity raised in February and the Group's operational
performance over the quarter. The Fund also made a EUR 1.8 million cash
distribution to its unitholders (EUR 0.023 per unit).
In Q1 2018, the Fund earned a net profit of EUR 1,684 thousand (EUR 950 thousand
during Q1 2017). During Q1 2018, the Fund's performance was negatively affected
by a EUR 467 thousand one-off tax charge in Latvia in relation to the
structuring of the Vainodes I investment property transaction.
In Q1 2018, the Fund recorded a EUR 3.4 million NOI (EUR 2.5 million in Q1
2017). The increase is related to new acquisitions that were made following the
capital raisings at the end of 2017 and the beginning of 2018 (Vainodes I and
Postimaja shopping centre). The Fund completed the acquisition of Postimaja
Shopping Centre on 13 February 2018 and thus has deployed most of the new
capital raised in November 2017.
Quarterly Key Figures
Q1 2017
Euro '000 Q1 2018 (restated)* Change (%)
----------------------------------------------------------------------------
Rental income 3,606 2,727 32.2%
Service charge income 585 358 63.4%
Cost of rental activities (782) (559) 39.9%
----------------------------------------------------------------------------
Net rental income 3,409 2,526 35.0%
----------------------------------------------------------------------------
Expenses related to public offerings - (202) (100.0)%
Administrative expenses (640) (528) 21.2%
Other operating income / (expenses) 6 13 (53.8)%
----------------------------------------------------------------------------
Operating profit 2,775 1,809 53.4%
----------------------------------------------------------------------------
Financial income 2 41 (95.1)%
Financial expenses (489) (332) 47.3%
----------------------------------------------------------------------------
Net financing costs (487) (291) 67.4%
----------------------------------------------------------------------------
Profit before tax 2,288 1,518 50.7%
Income tax charge (604) (568) 6.3%
----------------------------------------------------------------------------
Profit for the period 1,684 950 77.3%
----------------------------------------------------------------------------
*In 2018, the Group adopted IFRS 15 Revenue from Contracts with Customers,
effective from 1 January 2018. As a result, the comparative figures for "service
charge income" and "cost of rental activities" were adjusted. The adjustment did
not have an impact on the Group's equity. The impact is related to presentation
changes in accordance with IFRS 15.
Weighted average number of units outstanding 78,154,221 57,262,887 36.5%
Earnings per unit (EUR) 0.02 0.02 -%
Euro '000 31.03.2018 31.12.2017 Change (%)
--------------------------------------------------------------------
Investment property in use 223,961 189,317 18.3%
Gross asset value (GAV) 234,486 215,785 8.7%
Interest bearing loans 116,198 98,087 18.5%
Total liabilities 125,531 108,809 15.4%
Net asset value (NAV) 108,959 106,976 1.9%
--------------------------------------------------------------------
Number of units outstanding 79,157,094 77,440,638 2.2%
Net asset value (NAV) per unit (EUR) 1.3765 1.3814 (0.4)%
Loan-to-Value ratio (LTV) 51.9% 51.8%
Average effective interest rate 1.8% 1.7%
investment properties PERFORMANCE as of 31 MARCH 2018
During Q1 2018, the average actual occupancy of the portfolio was 97.4% (Q4
2017: 96.6%). When all rental guarantees are considered, the effective occupancy
rate is 97.7% (Q4 2017: 97.2%). Average direct property yield during Q1 2018 was
6.9% (Q4 2017: 7.1%). The net initial yield for the whole portfolio for Q1 2018
was 6.4% (Q4 2017: 6.7%).
-------------------------------------------------------------------------------
Market Direct Net Occupancy
value(1) property initial rate for
Property name City Country Euro'000 NLA yield(2) yield(3) Q1 2018
-------------------------------------------------------------------------------
Duetto I Vilnius Lithuania 16,210 8,327 7.5% 6.9% 100.0%(4)
Pirita SC Tallinn Estonia 11,630 5,436 7.4% 7.7% 100.0%(4)
Upmalas
Biroji BC Riga Latvia 24,269 10,419 7.0% 6.8% 99.8%
G4S
Headquarters Tallinn Estonia 16,570 8,363 7.6% 7.1% 100.0%
Europa SC Vilnius Lithuania 39,600 16,856 6.3% 5.8% 95.8%
Domus Pro
Retail Park Vilnius Lithuania 17,280 11,247 7.7% 7.0% 98.4%
Domus Pro
Office Vilnius Lithuania 7,150 4,759 6.8% 6.1% 89.5%
CC Plaza Tallinn Estonia 13,240 8,664 8.3% 7.5% 100.0%
Sky SC Riga Latvia 5,448 3,263 8.3% 7.6% 99.3%
Lincona Tallinn Estonia 16,050 10,859 7.6% 7.4% 94.1%
Vainodes I Riga Latvia 21,870 8,052 6.8% 6.6% 100.0%
Postimaja Tallinn Estonia 34,400 9,141 4.7%(5) 5.0% 95.6%
-------------------------------------------------------------------------------
Total
portfolio 223,717 105,386 6.9% 6.4% 97.4%
1. Based on the latest valuation as at 31 December 2017.
2. Direct property yield (DPY) is calculated by dividing NOI by the acquisition
value and subsequent capital expenditure of the property.
3. The net initial yield (NIY) is calculated by dividing NOI by the market
value of the property.
4. Effective occupancy rate is 100% due to a rental guarantee.
5. Postimaja acquisition was closed on 13 February 2018. The annualized direct
property yield is 5.4%.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Q1 2017
Euro '000 Q1 2018 (restated)*
-------------------------------------------------------------------------------
Rental income 3,606 2,727
Service charge income 585 358
Cost of rental activities (782) (559)
-------------------------------------------------------------------------------
Net rental income 3,409 2,526
-------------------------------------------------------------------------------
Administrative expenses (640) (730)
Other operating income / (expenses) 6 13
-------------------------------------------------------------------------------
Operating profit 2,775 1,809
-------------------------------------------------------------------------------
Financial income 2 41
Financial expenses (489) (332)
-------------------------------------------------------------------------------
Net financing costs (487) (291)
-------------------------------------------------------------------------------
Profit before tax 2,288 1,518
Income tax charge (604) (568)
-------------------------------------------------------------------------------
Profit for the period 1,684 950
-------------------------------------------------------------------------------
Other comprehensive income that is or may be reclassified to profit or loss in
subsequent periods
Net gains (losses) on cash flow hedges (315) 138
Income tax relating to net gains (losses) on cash flow
hedges 45 (17)
-------------------------------------------------------------------------------
Other comprehensive income/ (expense), net of tax, that is
or may be reclassified to profit or loss in subsequent
periods (270) 121
-------------------------------------------------------------------------------
Total comprehensive income for the period, net of tax 1,414 1,071
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic and diluted earnings per unit (Euro) 0.02 0.02
-------------------------------------------------------------------------------
*In 2018, the Group adopted IFRS 15 Revenue from Contracts with Customers,
effective from 1 January 2018. As a result, the comparative figures for "service
charge income" and "cost of rental activities" were adjusted. The adjustment did
not have an impact on the Group's equity. The impact is related to presentation
changes in accordance with IFRS 15.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Euro '000 31.03.2018 31.12.2017
------------------------------------------------------------------
Non-current assets
Investment properties 223,961 189,317
Derivative financial instruments 94 89
Other non-current assets 140 146
------------------------------------------------------------------
Total non-current assets 224,195 189,552
------------------------------------------------------------------
Current assets
Trade and other receivables 1,720 1,568
Prepayments 281 108
Cash and cash equivalents 8,290 24,557
------------------------------------------------------------------
Total current assets 10,291 26,233
------------------------------------------------------------------
Total assets 234,486 215,785
------------------------------------------------------------------
Equity
Paid in capital 94,198 91,848
Cash flow hedge reserve (326) (56)
Retained earnings 15,087 15,184
------------------------------------------------------------------
Total equity 108,959 106,976
------------------------------------------------------------------
Non-current liabilities
Interest bearing loans and borrowings 114,225 96,497
Deferred tax liabilities 5,295 5,206
Derivative financial instruments 423 88
Other non-current liabilities 874 859
------------------------------------------------------------------
Total non-current liabilities 120,817 102,650
------------------------------------------------------------------
Current liabilities
Interest bearing loans and borrowings 1,973 1,590
Trade and other payables 1,944 4,202
Income tax payable 467 14
Derivative financial instruments - 15
Other current liabilities 326 338
------------------------------------------------------------------
Total current liabilities 4,710 6,159
------------------------------------------------------------------
Total liabilities 125,527 108,809
------------------------------------------------------------------
Total equity and liabilities 234,486 215,785
------------------------------------------------------------------
Additional information:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected] (mailto:[email protected])
www.baltichorizon.com (http://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
11:50 EET on 4th of May 2018.
Attachment
* BHF quarterly report Q1 2018 (https://prlibrary-
eu.nasdaq.com/Resource/Download/f9ceb1e5-b3e0-4c39-836e-fe91accfcafd)