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
7453
Manused
Esitamise kuupäev ja aeg
16.08.2019 14:45:00
Teate sisu eesti keeles
Pealkiri
Baltic Horizon Fondi 2019 esimese poolaasta konsolideeritud auditeerimata tulemused
Teade
Vara brutoväärtus (Gross Asset Value ehk GAV)
2019. aasta II kvartalis suurenes Fondi vara brutoväärtus 269,5 miljonilt eurolt
(2019. aasta I kvartali lõpu näitaja) 344,9 miljoni euroni. See on peamiselt
seotud uue kinnisvarainvesteeringu omandamisega II kvartalis ja osakute suunatud
(mitteavalike) pakkumiste tulemusel laekunud rahaga. Fond viis 13. juunil 2019
lõpule Galerija Centrsi ostukeskuse omandamise ning on seega investeerinud
suurema osa täiendavast kapitalist, mis 2019. aasta aprillis ja mais kaasati.
Aastasisese hindamise ja Galerija Centrsi ostukeskuse omandamise tulemusena
suurenes kinnisvarainvesteeringute väärtus 336,3 miljoni euroni.
Vara puhasväärtus (Net Asset Value ehk NAV)
2019. aasta II kvartalis suurenes Fondi vara puhasväärtus 109,3 miljonilt eurolt
(2019. aasta I kvartali lõpu näitaja) 131,1 miljoni euroni. Fondi vara
puhasväärtusele avaldasid positiivset mõju Fondi II kvartali majandustulemused
ja 2019. aasta aprillis ja mais suunatud (mitteavalike) pakkumiste käigus
kaasatud kapital summas 24,5 miljonit eurot. Seda mõju vähendasid osakuomanikele
tehtud rahaline väljamakse summas 2,5 miljonit eurot (0,025 eurot osaku kohta)
ja negatiivne muutus rahavoo riskimaandamise reservis.
Puhas renditulu ja puhaskasum
Fondi 2019. aasta II kvartali puhaskasum oli 0,1 miljonit eurot (2018. aasta II
kvartal: 2,6 miljonit eurot). Puhaskasum vähenes eelkõige
kinnisvarainvesteeringute ümberhindluse kahjumite tõttu. Fondi portfelli
kuuluvate kinnisvarainvesteeringute õiglased väärtused langesid pisut arvutustes
kasutatavate EL-i ja Balti riikide tulevaste perioodide tarbijahinnaindeksite
taseme madalamaks korrigeerimise tõttu. II kvartalis kajastas Kontsern
kinnisvarainvesteeringute ümberhindluse kahjumeid summas 2,4 miljonit eurot.
Fond teenis 2019. aasta II kvartalis 4,3 miljonit eurot puhast renditulu (2018.
aasta II kvartal: 3,6 miljonit eurot). Puhtale renditulule avaldas positiivset
mõju uute kinnisvarainvesteeringute omandamine 2018. aasta lõpus ja 2019. aasta
alguses (LNK Centre ja Duetto II büroohooned ning Galerija Centrsi ostukeskus).
Rahaline väljamakse (dividend)
2. augustil 2019 kuulutas Fond 2019. aasta II kvartali tulemuste eest välja
rahalise kvartaliväljamakse kogusummas 2,62 miljonit eurot ehk 0,026 eurot osaku
kohta (I kvartalis 2019 2,45 miljonit eurot või 0,025 eurot osaku kohta).
Perioodi peamised näitajad
Tuhandetes eurodes II kv 2019 II kv 2018 Muutus (%)
-------------------------------------------------------------------------------
Puhas renditulu 4 256 3 626 17,4%
Kinnisvarainvesteeringute ümberhindluse
kahjum/kasum -2 439 480 -608,1%
Ärikasum 1 000 3 524 -71,6%
Finantstulud ja -kulud -1 076 -714 50,7%
Maksueelne kahjum/kasum -76 2 810 -102,7%
Perioodi puhaskasum 144 2 576 -94,4%
Ringluses olevate osakute kaalutud keskmine
arv 94 949 766 79 157 094 20,0%
-------------------------------------------------------------------------------
Kasum osaku kohta (eurodes) - 0,03 -100,0%
-------------------------------------------------------------------------------
Tuhandetes eurodes 30.06.2019 31.12.2018 Muutus (%)
------------------------------------------------------------------------------
Kasutuses olevad kinnisvarainvesteeringud 336 310 245 160 37,2%
Vara brutoväärtus 344 886 260 878 32,2%
Intressikandvad laenukohustised 197 001 140 507 40,2%
Kohustised kokku 213 804 151 073 41,5%
Vara puhasväärtus 131 082 109 805 19,4%
------------------------------------------------------------------------------
Ringluses olevate osakute arv 97 964 044 78 496 831(1) 24,8%
Vara puhasväärtus osaku kohta (eurodes) 1,3381 1,3988 -4,3%
Laenu tagatuse suhtarv 58,6% 57,3% -
Keskmine sisemine intressimäär 2,6% 2,4% -
------------------------------------------------------------------------------
1. Esitatud osakute arv ei sisalda 255 969 osakut, mille Fond osakute
tagasiostu programmi raames tagasi ostis ja 2019. aasta veebruaris tühistas.
Kinnisvarainvesteeringute tootlus 2019. aasta II kvartalis
2019. aasta II kvartalis oli Fondi kinnisvarainvesteeringute portfelli
rendipindade tegelik keskmine täitumus 95,4% (2019. aasta I kvartal: 96,6%).
Kõiki rendigarantiisid arvesse võttes oli sisemine täitumuse määr 96,7% (2019.
aasta I kvartal: 97,3%). Kinnisvarainvesteeringute keskmine otsene tootlus oli
2019. aasta II kvartalis 6,8% (2019. aasta I kvartal: 6,7%).
Kinnisvarainvesteeringute portfelli esmane puhastootlus oli samal perioodil
6,5% (2019. aasta I kvartal: 6,3%).
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 30. juuni 2019
-----------------------------------------------------------------------------------------
Täitumuse
Kinnisvarainvesteering Turuväärtus(1) Esmane määr
Tuhandetes Renditav Otsene puhas- II kv
Segment eurodes netopind tootlus(2) tootlus(3) 2019
-----------------------------------------------------------------------------------------
Vilnius, Leedu
Duetto I Büroo 16 020 8 498 7,7% 7,1% 98,7%(4)
Duetto II Büroo 17 900 8 636 7,1% 7,2% 100,0%(4)
Europa ostukeskus Kaubandus 40 360 16 856 6,8% 6,1% 95,1%
Domus Pro ostukeskus Kaubandus 16 510 11 247 7,4% 6,7% 98,1%
Domus Pro ärikeskus Büroo 7 530 4 831 8,7% 7,5% 100,0%
Meraki maa 1 700 - - - -
-----------------------------------------------------------------------------------------
Vilniuses kokku 100 020 50 068 7,2% 6,7% 97,7%
-----------------------------------------------------------------------------------------
Riia, Läti
Upmalas Biroji
bürookompleks Büroo 25 220 10 458 7,2% 6,7% 100,0%
Vainodes I Büroo 21 490 8 052 6,9% 6,9% 100,0%
LNK Centre Büroo 16 830 7 453 6,3% 6,2% 100,0%
Sky supermarket Kaubandus 5 370 3 254 8,4% 7,8% 99,4%
Galerija Centrs Kaubandus 75 840 23 862 6,9% 6,8% 95,8%
-----------------------------------------------------------------------------------------
Riias kokku 144 750 53 079 6,9% 6,7% 99,3%
-----------------------------------------------------------------------------------------
Tallinn, Eesti
Postimaja ja CC Plaza Kaubandus 32 140 9 145 4,2% 4,5% 90,6%
Postimaja ja CC Plaza Vaba aeg 14 980 8 664 8,5% 6,9% 100,0%
G4S-i peahoone Büroo 17 130 9 179 6,4% 5,8% 87,0%
Lincona Büroo 17 480 10 871 8,1% 7,4% 98,3%
Pirita ostukeskus Kaubandus 9 810 5 508 6,6%(5) 8,1%(5) 91,1%
-----------------------------------------------------------------------------------------
Tallinnas kokku 91 540 43 367 6,1% 6,0% 93,7%
-----------------------------------------------------------------------------------------
Portfell kokku 336 310 146 514 6,8% 6,5% 96,7%
-----------------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 30. juuni 2019 teostatud hindamisel.
2. Otsese tootluse leidmiseks jagatakse puhas äritulu kinnisvarainvesteeringu
soetusmaksumusega, millele on lisatud hilisemad kapitalikulud.
3. Esmase puhastootluse leidmiseks jagatakse puhas äritulu
kinnisvarainvesteeringu turuväärtusega.
4. Duetto II sisemine täitumuse määr on rendigarantii tõttu 100%. Duetto I
rendigarantii lõppes märtsis.
5. Pirita ostukeskuse tegelik aastapõhine keskmine otsene tootlus oli 2019.
aasta II kvartalis -1,4%. Tegelik esmane puhastootlus oli samal perioodil
-1,8%. Tegelik tootlus oli negatiivne, sest 2019. aasta II kvartalis
kajastas Fond rendigarantiiga seotud viitlaekumise osalise mahakandmise (153
tuhat eurot) ja nõuete allahindluse (91 tuhat eurot) tõttu. Allahindlust ja
mahakandmist ei võetud tootluse arvutamisel arvesse, sest tegemist on
ühekordsete sündmustega.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
Tuhandetes eurodes 01.04.2019-30.06.2019 01.04.2018-30.06.2018 01.01.2019-30.06.2019 01.01.2018-30.06.2018
------------------------------------------------------------------------------------------------------------------
Renditulu 4 646 3 958 8 797 7 564
Teenustasutulu 889 608 1 652 1 193
Renditegevuse kulud -1 279 -940 -2 277 -1 722
------------------------------------------------------------------------------------------------------------------
Puhas renditulu 4 256 3 626 8 172 7 035
------------------------------------------------------------------------------------------------------------------
Halduskulud -817 -621 -1 526 -1 261
Muu äritulu - 39 6 45
Kinnisvarainvesteeringute
ümberhindluse
kahjum/kasum -2 439 480 -2 439 480
------------------------------------------------------------------------------------------------------------------
Ärikasum 1 000 3 524 4 213 6 299
------------------------------------------------------------------------------------------------------------------
Finantstulud 1 2 3 4
Finantskulud -1 077 -716 -1 976 -1 205
------------------------------------------------------------------------------------------------------------------
Finantstulud ja -kulud
kokku -1 076 -714 -1 973 -1 201
------------------------------------------------------------------------------------------------------------------
Maksueelne kahjum/kasum -76 2 810 2 240 5 098
Tulumaksutulu/-kulu 220 -234 77 -838
------------------------------------------------------------------------------------------------------------------
Perioodi kasum 144 2 576 2 317 4 260
------------------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum/-kahjum
Rahavoogude
riskimaandamise
puhaskahjum -536 -315 -1 092 -630
Intressi ülemmäära
seadmise kulud - -33 - -33
Rahavoogude
riskimaandamise
puhaskasumi/-kahjumiga
seotud tulumaks 39 34 75 79
------------------------------------------------------------------------------------------------------------------
Tulevikus kasumisse või
kahjumisse
ümberliigitatav
tulumaksujärgne muu
koondkahjum -497 -314 -1 017 -584
------------------------------------------------------------------------------------------------------------------
Perioodi tulumaksujärgne
koondkahjum/-kasum kokku -353 2 262 1 300 3 676
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Tava- ja lahustatud kasum
osaku kohta (eurodes) 0,00 0,03 0,03 0,05
------------------------------------------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 30.06.2019 31.12.2018
----------------------------------------------------------------
Põhivarad
Kinnisvarainvesteeringud 336 310 245 160
Tuletisinstrumendid 33 9
Muud põhivarad 95 596
----------------------------------------------------------------
Põhivarad kokku 336 438 245 765
----------------------------------------------------------------
Käibevarad
Nõuded ostjate vastu ja muud nõuded 2 301 2 229
Ettemaksed 339 154
Muud käibevarad 856 505
Raha ja raha ekvivalendid 4 952 12 225
----------------------------------------------------------------
Käibevarad kokku 8 448 15 113
----------------------------------------------------------------
Varad kokku 344 886 260 878
----------------------------------------------------------------
Omakapital
Sissemakstud kapital 117 883 93 673
Omaosakud - -335
Rahavoogude riskimaandamise reserv -2 022 -1 005
Jaotamata kasum 15 221 17 472
----------------------------------------------------------------
Omakapital kokku 131 082 109 805
----------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad laenukohustised 196 613 140 401
Edasilükkunud tulumaksukohustised 5 674 5 844
Tuletisinstrumendid 2 186 1 069
Muud pikaajalised kohustised 1 271 905
----------------------------------------------------------------
Pikaajalised kohustised kokku 205 744 148 219
----------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad laenukohustised 388 106
Võlad tarnijatele ja muud võlad 6 710 2 397
Tulumaksukohustis 1 -
Muud lühiajalised kohustised 961 351
----------------------------------------------------------------
Lühiajalised kohustised kokku 8 060 2 854
----------------------------------------------------------------
Kohustised kokku 213 804 151 073
----------------------------------------------------------------
Omakapital ja kohustised kokku 344 886 260 878
----------------------------------------------------------------
Lisainformatsiooni saamiseks palume kontakteeruda:
Tarmo Karotam
Baltic Horizon Fond, fondijuht
E-mail [email protected]
www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=mTvfZNqTq8BDSx9dtyiIqAsYc4Ywf8Ki6-
OvxyuBlAVLS3UR-4a8Olf4KXfAKVcaDGFEUEYIvpdGk276AApeKAyC36XWz0PDeyWXO902WoA=)
(https://www.globenewswire.com/Tracker?data=LEUHvsb9US2eRuQNBuJ1i1K4Qg2RdejZg0p5
jVMcCv3eBKqiDmf4ZzaQUVFgHqfhgH-duDvWo-
0NCQ8tR8R_KmDLW2vg1mdDBCRK--XxrpTJkmoedP9XyZLG_BydBcn92pHguP9aDagZrjQc-OZF1at8QZ
QqSjJsMXVnQ0IlQ0eSLzoaFr-HSwttAHXaiwhndByoOTlajZb3P1H9X7ecTmYS4_KgsrOVrH_8s2bV2m
kEmz4SsUJr7KzjRauKhTXdpL6OGlHhoAS6RAUFL3N9WcKvFrlcVmUoMqwKHKu4kPCM1qJHOYdD1NbVEd
WmKjFDdu8xosboYT6OrPg4zH86bgqxnuIeU93RbLnAdkAq4XnXEnRVJuyssEpeVPoNtN0Qy024Ic0vHX
kb5U0X8emVE_r3ZltL5UttqWODP3NW-hxu2uJhjXR78g840VD7IkjdFh_5ftE8etRccK5Ya-ofOA==)
Baltic Horizon Fond on registreeritud lepinguline avalik kinnine kinnisvarafond,
mida valitseb alternatiivfondivalitseja Northern Horizon Capital AS.
Avaldamine: GlobeNewswire, Nasdaq Tallinn, Nasdaq
Stockholm, www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=mTvfZNqTq8BDSx9dtyiIqAsYc4Ywf8Ki6-
OvxyuBlAWgMQvSIumNPQ2_aq_2dOm5m2Jl_LtT1BoE_uevF4QKo4RZl7_pUoHkr0twoUoaVK5QSF6ELY
ztDsaeiBtckLE5g_ErhvyIwsr3DyGtzjU__THy5wVnKZy1l_MaPepji31t7zugIq5yN-
rSvzNmw8gVQOS9hmUDGJBZmvkp5HVC8DBfqtEK38jKtpWrN538VEg48Gtw2kELTF7KTJqZOtsKKJp5Oy
05jSgEf9XLQ7vPFbUDTApjtawfx76yajdz-5ZPesmePhfCDpDfsJR14KL5cjScQbm4urg-
POHy8C3bKAxpyfjfuFpy3E3WoRcqTOs7DBX3iEmeyasVuVALjsunZmJ_5tNO7b90WUpFJ718Cv2p-
pYTzD5rdix2OC8De3u0ZUNEvKDT_eVw44K_EHnnwpnQm4gtus2_IirmuM5Xbr5XT3D2fQvqHkbIL1SJZ
e0Wp2ciVf4q28TpDFRC0HP3)
Käesolev teade sisaldab informatsiooni, mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukurvitarvituse määruse kohaselt. Informatsioon
esitati avaldamiseks 16.08.2019 kell 14:00 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Teate sisu inglise keeles
Pealkiri
Baltic Horizon Fund Consolidated Un-Audited Results for H1 2019
Teade
Gross Asset Value (GAV)
In Q2 2019, the GAV increased from EUR 269.5 million to EUR 344.9 million
compared to the end of Q1 2019. The increase is mainly related to a new
acquisition during the quarter and the increase in cash as a result of the
private placements. The Fund completed the acquisition of the Galerija Centrs
Shopping Centre on 13 June 2019 and thus has deployed most of the new capital
raised in April and May 2019. The value of investment properties increased to
EUR 336.3 million after the acquisition of the Galerija Centrs Shopping Centre
and mid-year valuations.
Net Asset Value (NAV)
In Q2 2019, the Fund NAV increased from EUR 109.3 million to EUR 131.1 million
compared to the end of Q1 2019. The Fund NAV was positively affected by the
Fund's operational performance over the quarter and capital raisings in the
amount of EUR 24.5 million (net equity) through private placements in April and
May. However, this was offset by a EUR 2.5 million cash distribution to
unitholders (EUR 0.025 per unit) and a negative cash flow hedge reserve movement
during the quarter.
Net Rental Income and Net Profit
In Q2 2019, the Fund earned a net profit of EUR 0.1 million (EUR 2.6 million
during Q2 2018). The decrease in the net result was mainly attributable to
investment property revaluation losses. The fair values of investment properties
in the Fund's portfolio dropped slightly due to downward adjustments in the EU
and Baltic consumer price index levels for the coming years, which are used in
valuation calculations. During the quarter, the Group recognised revaluation
losses of EUR 2.4 million. In Q2 2019, the Fund recorded a EUR 4.3 million net
rental income (EUR 3.6 million in Q2 2018). Growth in net rental income was
positively affected by new property acquisitions at the end of 2018 and the
beginning of 2019 (LNK Centre office building, Duetto II office building, and
Galerija Centrs shopping centre).
Cash Distributions (dividends)
On 2 August 2019, the Fund declared a EUR 2.62 million quarterly cash
distribution to investors, which represents a EUR 0.026 distribution per unit
for the Q2 2019 results (EUR 2.45 million or EUR 0.025 per unit for Q1 2019).
Key figures
Euro '000 Q2 2019 Q2 2018 Change (%)
-------------------------------------------------------------------------------
Net rental income 4,256 3,626 17.4%
Valuation gains (losses) on investment
properties (2,439) 480 (608.1%)
Operating profit 1,000 3,524 (71.6%)
Net financing costs (1,076) (714) 50.7%
Profit (loss) before tax (76) 2,810 (102.7%)
Net profit for the period 144 2,576 (94.4%)
Weighted average number of units outstanding 94,949,766 79,157,094 20.0%
-------------------------------------------------------------------------------
Earnings per unit (EUR) - 0.03 (100.0%)
-------------------------------------------------------------------------------
Euro '000 30.06.2019 31.12.2018 Change (%)
-------------------------------------------------------------------------
Investment property in use 336,310 245,160 37.2%
Gross asset value (GAV) 344,886 260,878 32.2%
Interest bearing loans 197,001 140,507 40.2%
Total liabilities 213,804 151,073 41.5%
Net asset value (NAV) 131,082 109,805 19.4%
-------------------------------------------------------------------------
Number of units outstanding 97,964,044 78,496,831(1) 24.8%
Net asset value (NAV) per unit (EUR) 1.3381 1.3988 (4.3%)
Loan-to-Value ratio (LTV) 58.6% 57.3% -
Average effective interest rate 2.6% 2.4% -
-------------------------------------------------------------------------
1. The number of units excludes 255,969 units acquired by the Fund and
cancelled in February 2019 as part of the unit buy-back program.
Investment properties PERFORMANCE in Q2 2019
During Q2 2019, the average actual occupancy of the portfolio was 95.4% (Q1
2019: 96.6%). When all rental guarantees are considered, the effective occupancy
rate is 96.7% (Q1 2019: 97.3%). The average direct property yield during Q2
2019 was 6.8% (Q1 2019: 6.7%). The net initial yield for the whole portfolio for
Q2 2019 was 6.5% (Q1 2019: 6.3%).
Overview of the Fund's investment properties as of 30.06.2019
-------------------------------------------------------------------------------
Market Direct Net Occupancy
Property name value(1) property initial rate for Q2
Sector Euro '000 NLA yield(2) yield(3) 2019
-------------------------------------------------------------------------------
Vilnius,
Lithuania
Duetto I Office 16,020 8,498 7.7% 7.1% 98.7%(4)
Duetto II Office 17,900 8,636 7.1% 7.2% 100.0%(4)
Europa SC Retail 40,360 16,856 6.8% 6.1% 95.1%
Domus Pro
Retail Park Retail 16,510 11,247 7.4% 6.7% 98.1%
Domus Pro
Office Office 7,530 4,831 8.7% 7.5% 100.0%
Meraki Land 1,700 - - - -
-------------------------------------------------------------------------------
Total Vilnius 100,020 50,068 7.2% 6.7% 97.7%
-------------------------------------------------------------------------------
Riga, Latvia
Upmalas Biroji
BC Office 25,220 10,458 7.2% 6.7% 100.0%
Vainodes I Office 21,490 8,052 6.9% 6.9% 100.0%
LNK Centre Office 16,830 7,453 6.3% 6.2% 100.0%
Sky SC Retail 5,370 3,254 8.4% 7.8% 99.4%
Galerija Centrs Retail 75,840 23,862 6.9% 6.8% 95.8%
-------------------------------------------------------------------------------
Total Riga 144,750 53,079 6.9% 6.7% 99.3%
-------------------------------------------------------------------------------
Tallinn,
Estonia
Postimaja & CC
Plaza Retail 32,140 9,145 4.2% 4.5% 90.6%
Postimaja & CC
Plaza Leisure 14,980 8,664 8.5% 6.9% 100.0%
G4S
Headquarters Office 17,130 9,179 6.4% 5.8% 87.0%
Lincona Office 17,480 10,871 8.1% 7.4% 98.3%
Pirita SC Retail 9,810 5,508 6.6%(5) 8.1%(5) 91.1%
-------------------------------------------------------------------------------
Total Tallinn 91,540 43,367 6.1% 6.0% 93.7%
-------------------------------------------------------------------------------
Total portfolio 336,310 146,514 6.8% 6.5% 96.7%
-------------------------------------------------------------------------------
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. Duetto II effective occupancy rate is 100% due to a rental guarantee. The
rental guarantee provided to Duetto I expired in March.
5. In Q2 2019, the actual annualized average direct property yield of the
Pirita SC was negative at 1.4%. The actual net initial yield during Q2 2019
was negative at 1.8%. Actual yields were negative due to a partial write-off
of a rental guarantee accrual (EUR 153 thousand) and impairment of trade
receivables (EUR 91 thousand) during Q2 2019. The impairment and write-off
were excluded from yield calculations as they are considered a one-off
event.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Euro '000 01.04.2019-30.06.2019 01.04.2018-30.06.2018 01.01.2019-30.06.2019 01.01.2018-30.06.2018
-------------------------------------------------------------------------------------------------------
Rental income 4,646 3,958 8,797 7,564
Service charge
income 889 608 1,652 1,193
Cost of rental
activities (1,279) (940) (2,277) (1,722)
-------------------------------------------------------------------------------------------------------
Net rental
income 4,256 3,626 8,172 7,035
-------------------------------------------------------------------------------------------------------
Administrative
expenses (817) (621) (1,526) (1,261)
Other
operating
income - 39 6 45
Valuation
gains (losses)
on investment
properties (2,439) 480 (2,439) 480
-------------------------------------------------------------------------------------------------------
Operating
profit 1,000 3,524 4,213 6,299
-------------------------------------------------------------------------------------------------------
Financial
income 1 2 3 4
Financial
expenses (1,077) (716) (1,976) (1,205)
-------------------------------------------------------------------------------------------------------
Net financing
costs (1,076) (714) (1,973) (1,201)
-------------------------------------------------------------------------------------------------------
Profit (loss)
before tax (76) 2,810 2,240 5,098
Income tax
charge 220 (234) 77 (838)
-------------------------------------------------------------------------------------------------------
Profit for the
period 144 2,576 2,317 4,260
-------------------------------------------------------------------------------------------------------
Other comprehensive income that is or may be reclassified to profit or loss in subsequent periods
Net gains
(losses) on
cash flow
hedges (536) (315) (1,092) (630)
Recognition of
initial
interest rate
cap costs - (33) - (33)
Income tax
relating to
net gains
(losses) on
cash flow
hedges 39 34 75 79
-------------------------------------------------------------------------------------------------------
Other
comprehensive
income
(expense), net
of tax, that
is or may be
reclassified
to profit or
loss in
subsequent
periods (497) (314) (1,017) (584)
-------------------------------------------------------------------------------------------------------
Total
comprehensive
income
(expense) for
the period,
net of tax (353) 2,262 1,300 3,676
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Basic and
diluted
earnings per
unit (Euro) 0.00 0.03 0.03 0.05
-------------------------------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Euro '000 30.06.2019 31.12.2018
------------------------------------------------------------------
Non-current assets
Investment properties 336,310 245,160
Derivative financial instruments 33 9
Other non-current assets 95 596
------------------------------------------------------------------
Total non-current assets 336,438 245,765
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Current assets
Trade and other receivables 2,301 2,229
Prepayments 339 154
Other current assets 856 505
Cash and cash equivalents 4,952 12,225
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Total current assets 8,448 15,113
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Total assets 344,886 260,878
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Equity
Paid in capital 117,883 93,673
Own units - (335)
Cash flow hedge reserve (2,022) (1,005)
Retained earnings 15,221 17,472
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Total equity 131,082 109,805
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Non-current liabilities
Interest bearing loans and borrowings 196,613 140,401
Deferred tax liabilities 5,674 5,844
Derivative financial instruments 2,186 1,069
Other non-current liabilities 1,271 905
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Total non-current liabilities 205,744 148,219
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Current liabilities
Interest bearing loans and borrowings 388 106
Trade and other payables 6,710 2,397
Income tax payable 1 -
Other current liabilities 961 351
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Total current liabilities 8,060 2,854
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Total liabilities 213,804 151,073
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Total equity and liabilities 344,886 260,878
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For additional information please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected]
www.baltichorizon.com
Baltic Horizon Fund is a registered contractual public closed-end real estate
fund managed by Alternative Investment Fund Manager license holder Northern
Horizon Capital AS.
Distribution: Nasdaq Tallinn, Nasdaq Stockholm, 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
14:00 EET on 16 August 2019.