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
9546
Manused
Esitamise kuupäev ja aeg
09.05.2022 22:30:00
Teate sisu eesti keeles
Pealkiri
BALTIC HORIZON FONDI 2022. AASTA I KVARTALI KONSOLIDEERITUD AUDITEERIMATA MAJANDUSTULEMUSED
Teade
Northern Horizon Capital AS-i juhatus on kinnitanud Baltic Horizon Fondi (Fond)
auditeerimata konsolideeritud vahearuande tulemused I kvartali 2022. aasta
kohta.
Väljamaksed 2022. aasta I kvartali tulemuste eest
28. aprillil 2022 kuulutas Fond osakuomanikele 2022. aasta I kvartali tulemuste
eest välja rahalise väljamakse kogusummas 1 555 tuhat eurot (0,013 eurot osaku
kohta). See teeb viimase 12 kuu jooksvaks dividenditootluseks 6,3% (osaku
sulgemishinna alusel Nasdaq Tallinna börsil 2022. aasta I kvartali viimasel
päeval).
Tulem ja puhas renditulu
Kontserni 2022. aasta I kvartali puhaskasum oli 2,0 miljonit eurot (I kv
2021: 1,9 miljonit eurot). Tulemile avaldas suurt mõju Galerija Centrsi
majandustulemuste taastumine, sest rentnikele tehti 2022. aastal vähem COVID-19-
ga seotud rendisoodustusi. Puhta renditulu kasvu positiivset mõju suurendasid ka
väiksemad halduskulud. 2022. aasta I kvartali kasum osaku kohta oli 0,02 eurot
(I kv 2021: 0,02 eurot).
2022. aasta l kvartalis teenis kontsern 4,2 miljonit eurot puhast renditulu (I
kv 2021: 4,2 miljonit eurot). 2021. aasta I kvartali tulemustes kajastus IV
kvartalis müüdud G4S-i peahoone puhas renditulu summas 0,3 miljonit eurot.
2022. aasta I kvartali tulemusi G4S enam ei mõjutanud. Rendihindade
indekseerimine ja tulude taastumine suurendasid sama koosseisuga (võrreldava)
portfelli puhast renditulu.
Varade brutoväärtus (GAV)
Fondi varade brutoväärtus oli 2022. aasta märtsi lõpuks 345,6 miljonit eurot
(31. detsember 2021: 346,3 miljonit eurot). Muutuse peamine põhjus on 2022.
aasta I kvartalis tehtud dividendide väljamakse. Kontsern tegi 2022. aasta I
kvartalis kapitaliinvesteeringuid (1,9 miljonit eurot) Meraki büroohoone
arendusprojekti. Fond kavatseb Meraki büroohoone ehitust 2022. ja 2023. aastal
jätkata. Lisaks investeeris Fond 2,2 miljonit eurot teistesse
(ümber)arendusprojektidesse.
Varade puhasväärtus (NAV)
Fondi varade puhasväärtus pisut suurenes ja oli 2022. aasta I kvartali lõpu
seisuga 133,0 miljonit eurot (31. detsember 2021: 132,6 miljonit eurot).
Perioodi positiivseid tegevustulemusi ja positiivset rahavoo riskimaandamise
reservi muutust summas 0,7 miljonit eurot tasakaalustas osakuomanikele tehtud
väljamakse summas 2,3 miljonit eurot. Seisuga 31. märts 2022 oli osaku IFRS
puhasväärtus 1,1114 eurot (31. detsember 2021: 1,1082 eurot) ning EPRA puhas
materiaalne põhivara ja EPRA puhas taastamisväärtus olid 1,1902 eurot (31.
detsember 2021: 1,1884 eurot) osaku kohta. EPRA puhas võõrandamisväärtus oli
1,1100 eurot (31. detsember 2021: 1,1086 eurot) osaku kohta.
Kinnisvarainvesteeringud
Seisuga 31. märts 2022 oli Fondi kinnisvarainvesteeringute portfelli täitumus
92,4% (31. detsember 2021: 92,1%). Portfelli üldine täitumus tõusis North Stari
kontorihotelli eduka avamise ja selle pindade väikerentnikega täitmise järel.
Täitumust aitasid parandada ka Lincona ja Europa uued rendilepingud.
Büroosegmendi täitumus on tänu uutele rendilepingutele jätkuvalt kõrge (98%).
Büroopindade väljarentimine peaks jätkuma ka 2022. aasta II kvartalis.
Kaubanduspindade rentimisega tegelevaid meeskondi on laiendatud, et
rendiprotsessi kiirendada. Alanud on põhjalikud läbirääkimised ostukeskuste
võimalike ankurrentnikega. Keskmine otsene tootlus kasvas 2022. aasta I
kvartalis märkimisväärse 5,0%-ni (IV kv 2021: 4,5%) ja esmane puhastootlus 5,3%-
ni (IV kv 2021: 4,8%). Kinnisvarainvesteeringute tootlused kasvasid 2021. aasta
IV kvartaliga võrreldes tänu Galerija Centrsi tulemuste taastumisele pärast
piirangute leevendamist 2021. aasta lõpus ja kogu portfelli rendihindade
indekseerimise positiivsele mõjule.
Baltic Horizoni portfelli kuulub 14 Balti riikide pealinnades asuvat rahavooga
kinnisvarainvesteeringut ja üks lõpetamata kinnisvarainvesteering Meraki
maatükil. 2022. aasta I kvartali lõpus oli Fondi portfelli õiglane väärtus
331,8 miljonit eurot (31. detsember 2021: 327,4 miljonit eurot) ja renditavat
netopinda oli kokku 144 071 ruutmeetrit. 2022. aasta I kvartalis investeeris
kontsern 0,3 miljonit eurot olemasolevasse kinnisvarainvesteeringute portfelli
ja 4,1 miljonit eurot rekonstrueerimis- või arendusprojektidesse.
Peamised kasumlikkuse näitajad
Tuhandetes eurodes I kv
2022 I kv 2021 Muutus (%)
-------------------------------------------------------------------------------
Puhas renditulu 4 193 4 173 0,5%
Halduskulud -659 -745 -11,5%
Muu äritulu 7 - -
Kinnisvarainvesteeringute ümberhindluse
kahjum -6 -4 50,0%
Ärikasum 3 535 3 424 3,2%
Finantstulud ja -kulud
(neto) -1 442 -1 390 -3,7%
Maksueelne kasum 2 093 2 034 2,9%
Tulumaks -97 -129 -24,8%
-------------------------------------------------------------------------------
Perioodi puhaskasum 1 996 1 905 4,8%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud
keskmine arv 119 635 429 119 635 429 -
Kasum osaku kohta (eurodes) 0,02 0,02 -
-------------------------------------------------------------------------------
Peamised finantsseisundi näitajad
Tuhandetes
eurodes 31.03.2022 31.12.2021 Muutus (%)
-------------------------------------------------------------------------------
Kasutuses olevad
kinnisvarainvesteeringud 318 430 315 959 0,8%
Lõpetamata
kinnisvarainvesteeringud 13 393 11 400 17,5%
Varade brutoväärtus (GAV) 345 592 346 338 -0,2%
Intressikandvad laenud ja
võlakirjad 198 425 198 571 -0,1%
Kohustised
kokku 212 628 213 754 -0,5%
IFRS varade puhasväärtus (IFRS
NAV) 132 964 132 584 0,3%
EPRA puhas taastamisväärtus (EPRA
NRV) 142 387 142 176 0,1%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute arv 119 635 429 119 635 429 -
Osaku puhasväärtus - IFRS (eurodes) 1,1114 1,1082 0,3%
EPRA puhas taastamisväärtus (NRV) osaku
kohta (eurodes) 1,1902 1,1884 0,2%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Laenu tagatuse suhtarv (%) 59,8% 60,7% -
Keskmine sisemine intressimäär (%) 2,8% 2,7% -
-------------------------------------------------------------------------------
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 31. märts 2022
Õiglane Otsene
Kinnisvarainvesteering Segment väärtus(1) Renditav tootlus Esmane
(tuhandetes netopind I kv puhastootlus Täitumuse
eurodes) (m(2)) 2022(2) I kv 2022(3) määr
-------------------------------------------------------------------------------------
Vilnius, Leedu
Duetto I Büroo 17 347 8 587 8,0% 6,9% 100,0%
Duetto II Büroo 19 683 8 674 7,6% 7,1% 100,0%
Europa ostukeskus Kaubandus 38 951 16 844 1,3% 1,4% 81,8%
Domus Pro ostukeskus Kaubandus 16 268 11 226 8,0% 7,8% 98,7%
Domus Pro ärikeskus Büroo 7 823 4 831 8,3% 6,8% 100,0%
North Star ärikeskus Büroo 20 031 10 550 6,2% 6,5% 97,1%
Meraki arendus 13 393 - - - -
-------------------------------------------------------------------------------------
Vilniuses kokku 133 496 60 712 5,3% 5,2% 94,2%
-------------------------------------------------------------------------------------
Riia, Läti
Upmalas Biroji Büroo
bürookompleks 21 959 10 459 7,6% 8,3% 100,0%
Vainodes I Büroo 18 161 8 052 6,5% 7,8% 100,0%
LNK Centre Büroo 16 840 7 452 6,4% 6,6% 100,0%
Sky ostukeskus Kaubandus 5 106 3 249 8,2% 8,2% 97,4%
Galerija Centrs Kaubandus 65 576 20 022 3,2% 3,6% 74,1%
-------------------------------------------------------------------------------------
Riias kokku 127 642 49 234 5,0% 5,6% 89,3%
-------------------------------------------------------------------------------------
Tallinn, Eesti
Postimaja ja CC Plaza Kaubandus 29 775 9 147 2,6% 3,2% 93,9%
Postimaja ja CC Plaza Vaba aeg 14 442 8 664 7,2% 5,9% 100,0%
Lincona Büroo 16 996 10 870 6,6% 6,1% 90,8%
Pirita ostukeskus Kaubandus 9 472 5 444 4,5% 5,9% 89,2%
-------------------------------------------------------------------------------------
Tallinnas kokku 70 685 34 125 4,5% 4,8% 93,7%
-------------------------------------------------------------------------------------
Portfell kokku 331 823 144 071 5,0% 5,3% 92,4%
-------------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 31. märts 2022 teostatud hindamisel, hilisematel
kapitalikuludel ja kajastatud kasutusõiguse varadel.
2. Otsese tootluse leidmiseks jagatakse puhas äritulu kinnisvarainvesteeringu
soetusmaksumuse ja hilisemate kapitalikulude summaga.
3. Esmase puhastootluse leidmiseks jagatakse puhas äritulu
kinnisvarainvesteeringu turuväärtusega.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
01.01.2022- 01.01.2021-
Tuhandetes eurodes 31.03.2022 31.03.2021
-------------------------------------------------------------------------------
Renditulu 4 959 4 677
Teenustasutulu 1 304 1 217
Renditegevuse kulud -2 070 -1 721
-------------------------------------------------------------------------------
Puhas renditulu 4 193 4 173
-------------------------------------------------------------------------------
Halduskulud -659 -745
Muu äritulu 7 -
Kinnisvarainvesteeringute ümberhindluse kahjum -6 -4
-------------------------------------------------------------------------------
Ärikasum 3 535 3 424
-------------------------------------------------------------------------------
Finantstulud - -
Finantskulud -1 442 -1 390
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -1 442 -1 390
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Maksueelne kasum 2 093 2 034
-------------------------------------------------------------------------------
Tulumaks -97 -129
-------------------------------------------------------------------------------
Perioodi kasum 1 996 1 905
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu
koondkasum/-kahjum
Rahavoogude riskimaandamise puhaskasum 721 210
Rahavoogude riskimaandamise puhaskasumiga seotud
tulumaks -64 -15
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav
tulumaksujärgne muu koondkasum kokku 657 195
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkasum kokku 2 653 2 100
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava- ja lahustatud kasum osaku kohta (eurodes) 0,02 0,02
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 31.03.2022 31.12.2021
----------------------------------------------------------------
Põhivarad
Kinnisvarainvesteeringud 318 430 315 959
Lõpetamata kinnisvarainvesteeringud 13 393 11 400
Immateriaalsed põhivarad 8 9
Materiaalsed põhivarad 2 2
Muud põhivarad 23 23
----------------------------------------------------------------
Põhivarad kokku 331 856 327 393
----------------------------------------------------------------
Käibevarad
Nõuded ostjate vastu ja muud nõuded 2 959 2 708
Ettemaksed 315 137
Raha ja raha ekvivalendid 10 462 16 100
----------------------------------------------------------------
Käibevarad kokku 13 736 18 945
----------------------------------------------------------------
Varad kokku 345 592 346 338
----------------------------------------------------------------
Omakapital
Sissemakstud kapital 145 200 145 200
Rahavoogude riskimaandamise reserv -172 -829
Jaotamata kahjum -12 064 -11 787
----------------------------------------------------------------
Omakapital kokku 132 964 132 584
----------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad võlakohustised 152 806 157 471
Edasilükkunud tulumaksukohustised 6 456 6 297
Tuletisinstrumendid 94 756
Muud pikaajalised kohustised 1 185 1 103
----------------------------------------------------------------
Pikaajalised kohustised kokku 160 541 165 627
----------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad võlakohustised 46 189 41 676
Võlad tarnijatele ja muud võlad 5 095 5 223
Tulumaksukohustis 8 5
Tuletisinstrumendid 50 109
Muud lühiajalised kohustised 745 1 114
----------------------------------------------------------------
Lühiajalised kohustised kokku 52 087 48 127
----------------------------------------------------------------
Kohustised kokku 212 628 213 754
----------------------------------------------------------------
Omakapital ja kohustised kokku 345 592 346 338
----------------------------------------------------------------
Lisainformatsiooni saamiseks palume kontakteeruda:
Tarmo Karotam
Baltic Horizon Fond, fondijuht
E-mail: [email protected]
www.baltichorizon.com
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
Käesolev teade sisaldab informatsiooni, mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukuritarvituse määruse kohaselt. Informatsioon esitati
avaldamiseks 09.05.2022 kell 22:30 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Teate sisu inglise keeles
Pealkiri
BALTIC HORIZON FUND CONSOLIDATED UNAUDITED RESULTS FOR Q1 2022
Teade
Management Board of Northern Horizon Capital AS has approved the unaudited
consolidated interim financial statements of Baltic Horizon Fund (the Fund) for
the three months of 2022.
Distributions to unitholders for Q1 2022 Fund results
On 28 April 2022, the Fund declared a cash distribution of EUR 1,555 thousand
(EUR 0.013 per unit) to the Fund unitholders for Q1 2022 results. The payout
also represents a 6.3% rolling distribution yield for the past 12 months based
on the closing unit price of the last day of Q1 2022 on the Nasdaq Tallinn Stock
Exchange.
Net result and net rental income
The Group recorded a net profit of EUR 2.0 million for Q1 2022 against a net
profit of EUR 1.9 million for Q1 2021. The net result was significantly impacted
by strong recovery of the Galerija Centrs operating performance as fewer COVID-
19 rent reliefs have been granted to tenants in 2022. The positive impact of the
increase in net rental income was also influenced by a decrease in
administrative expenses. Earnings per unit for Q1 2022 were EUR 0.02 (Q1 2021:
EUR 0.02).
The Group earned net rental income of EUR 4.2 million in both Q1 2022 and Q1
2021. The results for Q1 2021 still included EUR 0.3 million of net rental
income from G4S Headquarters, which was sold in Q4 2021 and did not contribute
to Q1 2022 results. Rent indexations and recovery of income improved the net
rental income of the same portfolio mix (like-for-like portfolio).
Gross Asset Value (GAV)
At the end of Q1 2022, the Fund's GAV was EUR 345.6 million (31 December 2021:
EUR 346.3 million). The change is mainly related to a dividend pay-out in Q1
2022. The Fund made capital investments (EUR 1.9 million) in the Meraki office
building development project during Q1 2022. The Fund aims to carry on with the
construction of the Meraki office building throughout 2022 and 2023. An
additional EUR 2.2 million was invested in other (re)development projects.
Net Asset Value (NAV)
At the end of Q1 2022, the Fund's NAV slightly increased to EUR 133.0 million
(31 December 2021: EUR 132.6 million). The increase in operational performance
and positive cash flow hedge reserve movement of EUR 0.7 million over the
quarter was offset by a EUR 2.3 million dividend distribution to the
unitholders. As at 31 March 2022, IFRS NAV per unit stood at EUR 1.1114 (31
December 2021: EUR 1.1082), while EPRA net tangible assets and EPRA net
reinstatement value were EUR 1.1902 per unit (31 December 2021: EUR 1.1884).
EPRA net disposal value was EUR 1.1100 per unit (31 December 2021: EUR 1.1086).
Investment properties
The occupancy rate as of 31 March 2022 was 92.4% (31 December 2021: 92.1%). The
overall occupancy rates in the portfolio rose after the successful launch of the
North Star office hotel and filling the premises with small tenants. Increasing
occupancy figures were supplemented with new leases in Lincona and Europa.
Occupancy rates in the office segment remain strong at around 98% after the
conclusion of new leases. Positive momentum in office leasing is expected to
continue in Q2 2022. Retail leasing teams have been expanded to fasten the
leasing process. The Fund is having in-depth negotiations with potential anchor
tenants for shopping centres. The average direct property yield during Q1 2022
increased notably to 5.0% (Q4 2021: 4.5%). The net initial yield for the whole
portfolio for Q1 2022 was 5.3% (Q4 2021: 4.8%). Property yields increased
compared to Q4 2021 after a strong recovery of Galerija Centrs results following
the lift of lockdowns at the end of 2021 and positive rent indexations across
the portfolio.
The Baltic Horizon Fund portfolio consists of 14 cash flow generating investment
properties in the Baltic capitals and an investment property under construction
on the Meraki land plot. At the end of Q1 2022, the fair value of the Fund's
portfolio was EUR 331.8 million (31 December 2021: EUR 327.4 million) and
incorporated a total net leasable area of 144,071 sq. m. During Q1 2022, the
Fund invested EUR 0.3 million in the existing property portfolio and EUR 4.1
million in the reconstruction or development projects.
Key earnings figures
EUR '000 Q1 2022 Q1 2021 Change (%)
-------------------------------------------------------------------------------
Net rental income 4,193 4,173 0.5%
Administrative
expenses (659) (745) (11.5%)
Other operating income 7 - -
Valuation losses on investment properties (6) (4) 50.0%
Operating profit 3,535 3,424 3.2%
Net financing
costs (1,442) (1,390) (3.7%)
Profit before tax 2,093 2,034 2.9%
Income tax (97) (129) (24.8%)
-------------------------------------------------------------------------------
Net profit for the
period 1,996 1,905 4.8%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Weighted average number of units
outstanding (units) 119,635,429 119,635,429 -
Earnings per unit
(EUR) 0.02 0.02 -
-------------------------------------------------------------------------------
Key financial position figures
EUR '000 31.03.2022 31.12.2021 Change (%)
-------------------------------------------------------------------------------
Investment properties in use 318,430 315,959 0.8%
Investment property under
construction 13,393 11,400 17.5%
Gross asset value (GAV) 345,592 346,338 (0.2%)
Interest-bearing loans and bonds 198,425 198,571 (0.1%)
Total
liabilities 212,628 213,754 (0.5%)
IFRS Net asset value (IFRS NAV) 132,964 132,584 0.3%
EPRA Net Reinstatement Value
(EPRA NRV) 142,387 142,176 0.1%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Number of units outstanding
(units) 119,635,429 119,635,429 -
IFRS Net asset value (IFRS NAV) per unit
(EUR) 1.1114 1.1082 0.3%
EPRA Net Reinstatement Value (EPRA NRV) per
unit (EUR) 1.1902 1.1884 0.2%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Loan-to-Value ratio (%) 59.8% 60.7% -
Average effective interest rate
(%) 2.8% 2.7% -
-------------------------------------------------------------------------------
Overview of the Fund's investment properties as of 31 March 2022
Direct Net
Property name Sector Fair property initial
value(1) NLA yield yield Occupancy
(EUR '000) (sq. m) Q1 2022(2) Q1 2022(3) rate
-------------------------------------------------------------------------------
Vilnius,
Lithuania
Duetto I Office 17,347 8,587 8.0% 6.9% 100.0%
Duetto II Office 19,683 8,674 7.6% 7.1% 100.0%
Europa SC Retail 38,951 16,844 1.3% 1.4% 81.8%
Domus Pro Retail
Retail Park 16,268 11,226 8.0% 7.8% 98.7%
Domus Pro Office
Office 7,823 4,831 8.3% 6.8% 100.0%
North Star Office 20,031 10,550 6.2% 6.5% 97.1%
Meraki
Development 13,393 - - - -
-------------------------------------------------------------------------------
Total Vilnius 133,496 60,712 5.3% 5.2% 94.2%
-------------------------------------------------------------------------------
Riga, Latvia
Upmalas Biroji Office
BC 21,959 10,459 7.6% 8.3% 100.0%
Vainodes I Office 18,161 8,052 6.5% 7.8% 100.0%
LNK Centre Office 16,840 7,452 6.4% 6.6% 100.0%
Sky SC Retail 5,106 3,249 8.2% 8.2% 97.4%
Galerija Retail
Centrs 65,576 20,022 3.2% 3.6% 74.1%
-------------------------------------------------------------------------------
Total Riga 127,642 49,234 5.0% 5.6% 89.3%
-------------------------------------------------------------------------------
Tallinn,
Estonia
Postimaja & CC Retail
Plaza complex 29,775 9,147 2.6% 3.2% 93.9%
Postimaja & CC Leisure
Plaza complex 14,442 8,664 7.2% 5.9% 100.0%
Lincona Office 16,996 10,870 6.6% 6.1% 90.8%
Pirita SC Retail 9,472 5,444 4.5% 5.9% 89.2%
-------------------------------------------------------------------------------
Total Tallinn 70,685 34,125 4.5% 4.8% 93.7%
-------------------------------------------------------------------------------
Total
portfolio 331,823 144,071 5.0% 5.3% 92.4%
-------------------------------------------------------------------------------
1. Based on the latest valuation as at 31 March 2022, subsequent capital
expenditure and recognised right-of-use assets.
2. Direct property yield (DPY) is calculated by dividing annualized NOI by the
acquisition value and subsequent capital expenditure of the property.
3. The net initial yield (NIY) is calculated by dividing annualized NOI by the
market value of the property.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
01.01.2022- 01.01.2021-
EUR '000 31.03.2022 31.03.2021
-------------------------------------------------------------------------------
Rental income 4,959 4,677
Service charge income 1,304 1,217
Cost of rental activities (2,070) (1,721)
-------------------------------------------------------------------------------
Net rental income 4,193 4,173
-------------------------------------------------------------------------------
Administrative expenses (659) (745)
Other operating income 7 -
Valuation losses on investment properties (6) (4)
-------------------------------------------------------------------------------
Operating profit 3,535 3,424
-------------------------------------------------------------------------------
Financial income - -
Financial expenses (1,442) (1,390)
-------------------------------------------------------------------------------
Net financial expenses (1,442) (1,390)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit before tax 2,093 2,034
-------------------------------------------------------------------------------
Income tax charge (97) (129)
-------------------------------------------------------------------------------
Profit for the period 1,996 1,905
-------------------------------------------------------------------------------
Other comprehensive income that is or may be
reclassified to profit or loss in subsequent periods
Net gain on cash flow hedges 721 210
Income tax relating to net gain on cash flow hedges (64) (15)
-------------------------------------------------------------------------------
Other comprehensive income, net of tax, that is or may
be reclassified to profit or loss in subsequent
periods 657 195
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income for the period, net of tax 2,653 2,100
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic and diluted earnings per unit (EUR) 0.02 0.02
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 31.03.2022 31.12.2021
-------------------------------------------------------------------
Non-current assets
Investment properties 318,430 315,959
Investment property under construction 13,393 11,400
Intangible assets 8 9
Property, plant and equipment 2 2
Other non-current assets 23 23
-------------------------------------------------------------------
Total non-current assets 331,856 327,393
-------------------------------------------------------------------
Current assets
Trade and other receivables 2,959 2,708
Prepayments 315 137
Cash and cash equivalents 10,462 16,100
-------------------------------------------------------------------
Total current assets 13,736 18,945
-------------------------------------------------------------------
Total assets 345,592 346,338
-------------------------------------------------------------------
Equity
Paid in capital 145,200 145,200
Cash flow hedge reserve (172) (829)
Retained earnings (12,064) (11,787)
-------------------------------------------------------------------
Total equity 132,964 132,584
-------------------------------------------------------------------
Non-current liabilities
Interest-bearing loans and borrowings 152,806 157,471
Deferred tax liabilities 6,456 6,297
Derivative financial instruments 94 756
Other non-current liabilities 1,185 1,103
-------------------------------------------------------------------
Total non-current liabilities 160,541 165,627
-------------------------------------------------------------------
Current liabilities
Interest-bearing loans and borrowings 46,189 41,676
Trade and other payables 5,095 5,223
Income tax payable 8 5
Derivative financial instruments 50 109
Other current liabilities 745 1,114
-------------------------------------------------------------------
Total current liabilities 52,087 48,127
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Total liabilities 212,628 213,754
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Total equity and liabilities 345,592 346,338
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For more information, please contact:
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 Alternative Investment Fund Manager license holder Northern Horizon
Capital AS. Both the Fund and the Management Company are supervised by the
Estonian Financial Supervision Authority.
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
22:30 EET on 9 May 2022.