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
Poolaastaaruanne
Teate ID
6858
Manused
Esitamise kuupäev ja aeg
31.08.2018 17:30:00
Teate sisu eesti keeles
Pealkiri
Baltic Horizon Fondi 2018 esimese poolaasta konsolideeritud auditeerimata tulemused
Teade
Vara brutoväärtus (Gross Asset Value ehk GAV)
Seisuga 30. juuni 2018 oli vara brutoväärtus 248,2 miljonit eurot (seisuga 31.
märts 2018: 234,5 miljonit eurot). 2018. aasta II kvartalis viis Kontsern lõpule
Domus Pro kompleksi kõrval asuva maa-ala ostu. Maa ostuhind oli 1,7 miljonit
eurot. Brutoväärtuse kasv on samuti seotud 30 miljoni euro väärtuses võlakirjade
väljastamisega.
Vara puhasväärtus (Net Asset Value ehk NAV)
2018. aasta II kvartalis kasvas Fondi vara puhasväärtus 109 miljonilt eurolt
109,3 miljoni euroni. Kasv tulenes Kontserni II kvartali majandustulemustest.
Fond tegi osakuomanikele ka rahalise väljamakse kogusummas 1,9 miljonit eurot
(0,024 eurot osaku kohta).
Puhaskasum
Fond teenis 2018. aasta II kvartalis 2 262 tuhat eurot puhaskasumit (2017. aasta
II kvartal: 1 542 tuhat eurot). Puhaskasumile avaldasid positiivset mõju
kinnisvarainvesteeringute ümberhindlus ja majandustulemused. Kontserni II
kvartali kinnisvarainvesteeringute ümberhindluse kasum moodustas 480 tuhat
eurot.
Puhas renditulu (Net Operating Income ehk NOI)
Fond teenis 2018. aasta II kvartalis 3,6 miljonit eurot puhast renditulu (2017.
aasta II kvartal: 2,7 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).
Rahaline väljamakse (dividend)
Fond deklareeris osakuomanikele II kvartali 2018 tulemustest rahalise väljamakse
summas 1,979 miljonit eurot, mis on 0,025 eurot osaku kohta (I kvartalis
2018 1,9 miljonit eurot või 0,024 eurot osaku kohta). II kvartalis 2018 kasvas
Fondi Genereeritud Neto Rahavoog (GNR) 2,267 miljoni euroni, mis teeb 0,029
eurot osaku kohta (I kvartalis 2018 2,125 miljonit eurot või 0,027 eurot osaku
kohta).
Kvartali peamised näitajad
II kv 2017
Tuhandetes eurodes II kv 2018 (korrigeeritud)* Muutus (%)
-------------------------------------------------------------------------------
Renditulu 3 958 2 940 34,6%
Teenustasutulu 608 382 59,2%
Renditegevuse kulud -940 -640 46,9%
-------------------------------------------------------------------------------
Puhas renditulu 3 626 2 682 35,2%
-------------------------------------------------------------------------------
Avalike pakkumistega seotud kulud - -171 -100,0%
Halduskulud -621 -499 24,4%
Muud äritulud ja -kulud 39 - n/a
Kinnisvarainvesteeringute
ümberhindluse kasumid ja kahjumid 480 339 41,6%
-------------------------------------------------------------------------------
Ärikasum 3 524 2 351 49,9%
-------------------------------------------------------------------------------
Finantstulud 2 2 -%
Finantskulud -716 -443 61,6%
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -714 -441 61,9%
-------------------------------------------------------------------------------
Maksueelne kasum 2 810 1 910 47,1%
Tulumaksukulu -234 -368 -36,4%
-------------------------------------------------------------------------------
Perioodi kasum 2 576 1 542 67,1%
-------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud
keskmine arv 79 157 094 58 004 446 36,5%
-------------------------------------------------------------------------------
Kasum osaku kohta (eurodes) 0,03 0,03 -%
-------------------------------------------------------------------------------
*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.
Tuhandetes eurodes 30.06.2018 31.12.2017 Muutus (%)
---------------------------------------------------------------------------
Kasutuses olevad kinnisvarainvesteeringud 226 160 189 317 19,5%
Vara brutoväärtus 248 241 215 785 15,0%
Intressikandvad laenukohustised 129 900 98 087 32,4%
Kohustised kokku 138 920 108 809 27,7%
Vara puhasväärtus 109 321 106 976 2,2%
---------------------------------------------------------------------------
Ringluses olevate osakute arv 79 157 094 77 440 638 2,2%
Vara puhasväärtus osaku kohta (eurodes) 1,3811 1,3814 -0,02%
Laenu tagatuse suhtarv 57,4% 51,8%
Keskmine sisemine intressimäär 2,3% 1,7%
---------------------------------------------------------------------------
KINNISVARA INVESTEERINGUTE TULEMUSED 30. JUUNI 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%).
------------------------------------------------------------------------------------
Täitumuse
Turuväärtus(1) Esmane määr
Kinnisvara- tuhandetes Renditav Otsene puhas- II kv
investeering Linn Riik eurodes netopind tootlus(2) tootlus(3) 2018
------------------------------------------------------------------------------------
Duetto I Vilnius Leedu 16 240 8 327 7,5% 6,9% 100,0%(4)
Pirita
ostukeskus Tallinn Eesti 10 950 5 400 7,4% 8,2% 100,0%(4)
Upmalas
Biroji
bürookompleks Riia Läti 24 660 10 600 7,3% 7,1% 99,8%
G4S-i
peahoone Tallinn Eesti 16 900 8 363 7,7% 7,0% 100,0%
Europa
ostukeskus Vilnius Leedu 40 310 16 900 6,2% 5,7% 94,1%
Domus Pro
ostukeskus Vilnius Leedu 17 350 11 247 7,4% 6,7% 98,4%
Domus Pro
ärikeskus Vilnius Leedu 7 290 4 759 7,9% 6,9% 94,1%
Domus Pro maa Vilnius Leedu 1 670 - - - -
CC Plaza Tallinn Eesti 13 190 8 664 8,4% 7,6% 100,0%
Sky
supermarket Riia Läti 5 360 3 263 8,3% 7,7% 99,3%
Lincona Tallinn Eesti 16 650 10 859 7,3% 6,8% 91,8%
Vainodes I Riia Läti 21 610 8 052 7,0% 6,9% 100,0%
Postimaja Tallinn Eesti 33 980 9 141 4,6% 4,7% 96,0%
------------------------------------------------------------------------------------
Portfell
kokku 226 160 105 575 6,8% 6,5% 97,6%
1. Põhineb viimasel, seisuga 30. juuni 2018 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%.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
I I poolaasta
II kv II kv 2017 poolaasta 2017
Tuhandetes eurodes 2018 (korrigeeritud)* 2018 (korrigeeritud)*
-------------------------------------------------------------------------------
Renditulu 3 958 2 940 7 564 5 667
Teenustasutulu 608 382 1 193 740
Renditegevuse kulud -940 -640 -1 722 -1 199
-------------------------------------------------------------------------------
Puhas renditulu 3 626 2 682 7 035 5 208
-------------------------------------------------------------------------------
Halduskulud -621 -670 -1 261 -1 400
Muud äritulud ja -kulud 39 - 45 13
Kinnisvarainvesteeringute
ümber-hindluse kasumid ja
kahjumid 480 339 480 339
-------------------------------------------------------------------------------
Ärikasum 3 524 2 351 6 299 4 160
-------------------------------------------------------------------------------
Finantstulud 2 2 4 43
Finantskulud -716 -443 -1 205 -775
-------------------------------------------------------------------------------
Finantstulud ja -kulud
kokku -714 -441 -1 201 -732
-------------------------------------------------------------------------------
Maksueelne kasum 2 810 1 910 5 098 3 428
Tulumaksukulu -234 -368 -838 -936
-------------------------------------------------------------------------------
Perioodi kasum 2 576 1 542 4 260 2 492
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum/-kahjum
Rahavoogude
riskimaandamise
puhaskasum/-kahjum -315 82 -630 220
Intressimäära
vahetuslepingu lõpetamine - 57 - 57
Intressi ülemmäära
seadmise kulud -33 - -33 -
Rahavoogude
riskimaandamise
puhaskasumi/-kahjumiga
seotud tulumaks 34 -23 79 -40
-------------------------------------------------------------------------------
Tulevikus kasumisse või
kahjumisse ümberliigitatav
tulumaksujärgne muu
koondkasum/-kahjum -314 116 -584 237
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne
koondkasum kokku 2 262 1 658 3 676 2 729
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava- ja lahustatud kasum
osaku kohta (eurodes) 0,03 0,03 0,05 0,04
-------------------------------------------------------------------------------
* 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 30.06.2018 31.12.2017
----------------------------------------------------------------
Põhivara
Kinnisvarainvesteeringud 226 160 189 317
Tuletisinstrumendid 52 89
Muu põhivara 138 146
----------------------------------------------------------------
Põhivara kokku 226 350 189 552
----------------------------------------------------------------
Käibevara
Nõuded ostjate vastu ja muud nõuded 1 820 1 568
Ettemaksed 224 108
Raha ja raha ekvivalendid 19 847 24 557
----------------------------------------------------------------
Käibevara kokku 21 891 26 233
----------------------------------------------------------------
Varad kokku 248 241 215 785
----------------------------------------------------------------
Omakapital
Sissemakstud kapital 94 198 91 848
Rahavoogude riskimaandamise reserv -640 -56
Jaotamata kasum 15 763 15 184
----------------------------------------------------------------
Omakapital kokku 109 321 106 976
----------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad laenukohustised 129 794 96 497
Edasilükkunud tulumaksukohustised 5 493 5 206
Tuletisinstrumendid 729 88
Muud pikaajalised kohustised 846 859
----------------------------------------------------------------
Pikaajalised kohustised kokku 136 862 102 650
----------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad laenukohustised 106 1 590
Võlad tarnijatele ja muud võlad 1 658 4 202
Tulumaksukohustis - 14
Tuletisinstrumendid - 15
Muud lühiajalised kohustised 294 338
----------------------------------------------------------------
Lühiajalised kohustised kokku 2 058 6 159
----------------------------------------------------------------
Kohustised kokku 138 920 108 809
----------------------------------------------------------------
Omakapital ja kohustised kokku 248 241 215 785
----------------------------------------------------------------
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
Käesolev teade sisaldab informatsiooni, mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukurvitarvituse määruse kohaselt. Informatsioon
esitati avaldamiseks 31. augustil 2018 kell 16:40 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Manus
* BHF vahearuanne I poolaasta 2018 (https://prlibrary-
eu.nasdaq.com/Resource/Download/4835b318-00fd-4750-ade7-a851b1dab83f)
Teate sisu inglise keeles
Pealkiri
Baltic Horizon Fund Consolidated Un-Audited Results for H1 2018
Teade
Gross Asset Value (GAV)
As of 30 June 2018, the GAV increased to EUR 248.2 million (EUR 234.5 million as
at 31 March 2018). During Q2 2018, the Group completed acquisition of land next
to the Domus Pro complex for a purchase price of EUR 1.7 million. Increase is
also related to the issuing of EUR 30 million worth of bonds.
Net Asset Value (NAV)
In Q2 2018, the Fund NAV increased from EUR 109.0 million to EUR 109.3 million.
The increase is related to the Group's operational performance over the quarter.
The Fund also made a EUR 1.9 million cash distribution to its unitholders (EUR
0.024 per unit).
Net Profit
In Q2 2018, the Fund earned a net profit of EUR 2,262 thousand (EUR 1,542
thousand during Q2 2017). The net result was positively affected by revaluation
gains and the operational performance of the properties. During the quarter, the
Group recognised a EUR 480 thousand revaluation gain.
Net Operating Income (NOI)
In Q2 2018, the Fund recorded a EUR 3.6 million NOI (EUR 2.7 million in Q2
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).
Cash Distributions (dividends)
The Fund declared a cash distribution of EUR 1,979 thousand (EUR 0.025 per unit)
to the Fund unitholders for Q2 2018 results (EUR 1,900 thousand or EUR 0.024 per
unit for Q1 2018). During Q2 2018, the Generated Net Cash Flow (GNCF) increased
to EUR 2,267 thousand or EUR 0.029 per unit (EUR 2,125 thousand or EUR 0.027 per
unit for Q1 2018).
Quarterly Key Figures
Q2 2017
Euro '000 Q2 2018 (restated)* Change (%)
-------------------------------------------------------------------------------
Rental income 3,958 2,940 34.6%
Service charge income 608 382 59.2%
Cost of rental activities (940) (640) 46.9%
-------------------------------------------------------------------------------
Net rental income 3,626 2,682 35.2%
-------------------------------------------------------------------------------
Expenses related to public offerings - (171) (100.0)%
Administrative expenses (621) (499) 24.4%
Other operating income / (expenses) 39 - n/a
Valuation gains / (loss) on investment
properties 480 339 41.6%
-------------------------------------------------------------------------------
Operating profit 3,524 2,351 49.9%
-------------------------------------------------------------------------------
Financial income 2 2 -%
Financial expenses (716) (443) 61.6%
-------------------------------------------------------------------------------
Net financing costs (714) (441) 61.9%
-------------------------------------------------------------------------------
Profit before tax 2,810 1,910 47.1%
Income tax charge (234) (368) (36.4)%
-------------------------------------------------------------------------------
Profit for the period 2,576 1,542 67.1%
-------------------------------------------------------------------------------
Weighted average number of units
outstanding 79,157,094 58,004,446 36.5%
-------------------------------------------------------------------------------
Earnings per unit (EUR) 0.03 0.03 -%
-------------------------------------------------------------------------------
*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.
Euro '000 30.06.2018 31.12.2017 Change (%)
------------------------------------------------------------------------------
Investment property in use 226,160 189,317 19.5%
Gross asset value (GAV) 248,241 215,785 15.0%
Interest bearing loans 129,900 98,087 32.4%
Total liabilities 138,920 108,809 27.7%
Net asset value (NAV) 109,321 106,976 2.2%
------------------------------------------------------------------------------
Number of units outstanding 79,157,094 77,440,638 2.2%
Net asset value (NAV) per unit (EUR) 1.3811 1.3814 (0.02)%
Loan-to-Value ratio (LTV) 57.4% 51.8%
Average effective interest rate 2.3% 1.7%
------------------------------------------------------------------------------
Investment properties PERFORMANCE as of 30 JUNE 2018
During Q2 2018, the average actual occupancy of the portfolio was 97.3% (Q1
2018: 97.4%). When all rental guarantees are considered, the effective occupancy
rate is 97.6% (Q1 2018: 97.7%). Due to temporary vacancies the average direct
property yield during Q2 2018 was 6.8% (Q1 2018: 6.9%). The net initial yield
for the whole portfolio for Q2 2018 was 6.5% (Q1 2018: 6.4%).
-------------------------------------------------------------------------------
Market Direct Net Occupancy
value(1) property initial rate for
Property name City Country Euro'000 NLA yield(2) yield(3) Q2 2018
-------------------------------------------------------------------------------
Duetto I Vilnius Lithuania 16,240 8,327 7.5% 6.9% 100.0%(4)
Pirita SC Tallinn Estonia 10,950 5,400 7.4% 8.2% 100.0%(4)
Upmalas
Biroji BC Riga Latvia 24,660 10,600 7.3% 7.1% 99.8%
G4S
Headquarters Tallinn Estonia 16,900 8,363 7.7% 7.0% 100.0%
Europa SC Vilnius Lithuania 40,310 16,900 6.2% 5.7% 94.1%
Domus Pro
Retail Park Vilnius Lithuania 17,350 11,247 7.4% 6.7% 98.4%
Domus Pro
Office Vilnius Lithuania 7,290 4,759 7.9% 6.9% 94.1%
Domus Pro
Land Vilnius Lithuania 1,670 - - - -
CC Plaza Tallinn Estonia 13,190 8,664 8.4% 7.6% 100.0%
Sky SC Riga Latvia 5,360 3,263 8.3% 7.7% 99.3%
Lincona Tallinn Estonia 16,650 10,859 7.3% 6.8% 91.8%
Vainodes I Riga Latvia 21,610 8,052 7.0% 6.9% 100.0%
Postimaja Tallinn Estonia 33,980 9,141 4.6% 4.7% 96.0%
-------------------------------------------------------------------------------
Total
portfolio 226,160 105,575 6.8% 6.5% 97.6%
1. Based on the latest valuation as at 30 June 2018.
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.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Q2 Q2 2017 H1 2017
Euro '000 2018 (restated)* H1 2018 (restated)*
-------------------------------------------------------------------------------
Rental income 3,958 2,940 7,564 5,667
Service charge income 608 382 1,193 740
Cost of rental activities (940) (640) (1,722) (1,199)
-------------------------------------------------------------------------------
Net rental income 3,626 2,682 7,035 5,208
-------------------------------------------------------------------------------
Administrative expenses (621) (670) (1,261) (1,400)
Other operating income / (expenses) 39 - 45 13
Valuation gains / (loss) on investment
properties 480 339 480 339
-------------------------------------------------------------------------------
Operating profit 3,524 2,351 6,299 4,160
-------------------------------------------------------------------------------
Financial income 2 2 4 43
Financial expenses (716) (443) (1,205) (775)
-------------------------------------------------------------------------------
Net financing costs (714) (441) (1,201) (732)
-------------------------------------------------------------------------------
Profit before tax 2,810 1,910 5,098 3,428
Income tax charge (234) (368) (838) (936)
-------------------------------------------------------------------------------
Profit for the period 2,576 1,542 4,260 2,492
-------------------------------------------------------------------------------
Other comprehensive income that is or may be reclassified to profit or loss in
subsequent periods
Net gains (losses) on cash flow hedges (315) 82 (630) 220
Termination of interest rate swap
agreement - 57 - 57
Recognition of initial interest rate cap
costs (33) - (33) -
Income tax relating to net gains
(losses) on cash flow hedges 34 (23) 79 (40)
-------------------------------------------------------------------------------
Other comprehensive income/ (expense),
net of tax, that is or may be
reclassified to profit or loss in
subsequent periods (314) 116 (584) 237
-------------------------------------------------------------------------------
Total comprehensive income for the
period, net of tax 2,262 1,658 3,676 2,729
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic and diluted earnings per unit
(Euro) 0.03 0.03 0.05 0.04
-------------------------------------------------------------------------------
*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 30.06.2018 31.12.2017
------------------------------------------------------------------
Non-current assets
Investment properties 226,160 189,317
Derivative financial instruments 52 89
Other non-current assets 138 146
------------------------------------------------------------------
Total non-current assets 226,350 189,552
------------------------------------------------------------------
Current assets
Trade and other receivables 1,820 1,568
Prepayments 224 108
Cash and cash equivalents 19,847 24,557
------------------------------------------------------------------
Total current assets 21,891 26,233
------------------------------------------------------------------
Total assets 248,241 215,785
------------------------------------------------------------------
Equity
Paid in capital 94,198 91,848
Cash flow hedge reserve (640) (56)
Retained earnings 15,763 15,184
------------------------------------------------------------------
Total equity 109,321 106,976
------------------------------------------------------------------
Non-current liabilities
Interest bearing loans and borrowings 129,794 96,497
Deferred tax liabilities 5,493 5,206
Derivative financial instruments 729 88
Other non-current liabilities 846 859
------------------------------------------------------------------
Total non-current liabilities 136,862 102,650
------------------------------------------------------------------
Current liabilities
Interest bearing loans and borrowings 106 1,590
Trade and other payables 1,658 4,202
Income tax payable - 14
Derivative financial instruments - 15
Other current liabilities 294 338
------------------------------------------------------------------
Total current liabilities 2,058 6,159
------------------------------------------------------------------
Total liabilities 138,920 108,809
------------------------------------------------------------------
Total equity and liabilities 248,241 215,785
------------------------------------------------------------------
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 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
16:40 EET on 31 August 2018.
Attachment
* BHF semi-annual report H1 2018 (https://prlibrary-
eu.nasdaq.com/Resource/Download/58a6df60-6661-4e89-a5ff-2d218b82648c)