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
10330
Manused
Esitamise kuupäev ja aeg
09.05.2023 23:40:00
Teate sisu eesti keeles
Pealkiri
Baltic Horizon Fondi 2023. aasta I kvartali konsolideeritud auditeerimata majandustulemused
Teade
Northern Horizon Capital AS-i juhatus on kinnitanud Baltic Horizon Fondi (Fond)
auditeerimata konsolideeritud vahearuande tulemused 2023. aasta I kvartali
kohta.
Tulem ja puhas renditulu
Kontserni 2023. aasta I kvartali puhaskasum oli 22 tuhat eurot (I kv 2022: 2,0
miljonit eurot). Tulemit mõjutas ühekordselt BH Domus Pro UAB müük, millele
kuulub kaubanduskeskus ja büroohoone Vilniuses (Leedu). Puhaskasumit mõjutasid
ka suurenenud finantskulud. Puhta renditulu kasvu positiivset mõju vähendasid
osaliselt lühiajalise vakantsusega seotud kinnisvara halduskulud
Kontsern teenis nii 2023. kui ka 2022. aasta I kvartalis 4,2 miljonit eurot
puhast renditulu. 2023. aasta tulemustes kajastub 2023. aasta veebruaris müüdud
Domus Pro ostu- ja ärikeskuse kahe kuu puhas renditulu summas 0,3 miljonit
eurot. Rendihindade indekseerimine ja tulude taastumine suurendasid aga sama
koosseisuga (võrreldava) portfelli puhast renditulu.
Portfelli EPRA võrreldav puhas renditulu suurenes eelmise aasta sama perioodiga
võrreldes 1,9% peamiselt büroosegmendi paremate tulemuste tõttu. Kasvu mõjutasid
ka suhteliselt stabiilsed tulemused kaubandussegmendis.
2023. aasta I kvartali puhas renditulu jagunes segmentide vahel järgmiselt:
büroo 61,0% (I kv 2022: 58,4%), kaubandus 34,3% (I kv 2022: 36,5%) ja vaba aeg
4,7% (I kv 2022: 5,1%).
Keskses äripiirkonnas asuvate kinnisvarainvesteeringute (Postimaja, Europa ja
Galerija Centrs) renditulu moodustas 22,4% Fondi portfelli 2023. aasta I
kvartali puhtast renditulust. Elurajoonides asuvate ostukeskuste 2023. aasta I
kvartali puhta renditulu osakaal oli 11,9%.
BH Domus Pro UAB müük
8. veebruaril 2023 allkirjastas Fond ostu-müügilepingu ettevõttega UAB PREF III,
et müüa 100% osalus ettevõttes BH Domus Pro UAB, millele kuuluvad
kaubanduskeskus ja büroohoone Vilniuses (Leedu). Osaluse kokkulepitud müügihind
oli ligikaudu 23,5 miljonit eurot. Üle 9-aastase hoidmisperioodi sisemine
tasuvusmäär (IRR) oli ligikaudu 15,8% ja omakapitali kordaja 2,1. Tehingust
laekunud raha kasutati peamiselt Fondi laenukohustiste vähendamiseks, sh
osaliselt Fondi 2023. aasta mais lunastustähtajani jõudvate võlakirjade
lunastamiseks. Tehing viidi lõpule 6. märtsil 2023.
Varade brutoväärtus (GAV)
Fondi varade brutoväärtus kahanes aruandeperioodil 6,6% ja oli 2023. aasta I
kvartali lõpus 321,3 miljonit eurot (31. detsember 2022: 344,0 miljonit eurot).
Languse peamine põhjus oli Domus Pro UAB müük.
Varade puhasväärtus (NAV)
Fondi varade puhasväärtus oli 2023. aasta I kvartali lõpus 133,5 miljonit eurot
(31. detsember 2022: 133,7 miljonit eurot). Fondi varade puhasväärtus vähenes
eelmise aasta lõpuga võrreldes 0,1%. Seisuga 31. märts 2023 oli osaku IFRS
puhasväärtus 1,1156 eurot (31. detsember 2022: 1,1172 eurot) ning EPRA puhas
materiaalne põhivara ja EPRA puhas taastamisväärtus olid 1,1668 eurot (31.
detsember 2022: 1,1865 eurot) osaku kohta. EPRA puhas võõrandamisväärtus oli
1,1130 eurot (31. detsember 2022: 1,1143 eurot) osaku kohta.
Kinnisvarainvesteeringud
2023. aasta I kvartali lõpus kuulus Baltic Horizoni portfelli 14 Balti riikide
pealinnades asuvat rahavooga kinnisvarainvesteeringut. Fondi portfelli õiglane
väärtus oli 309,1 miljonit eurot (31. detsember 2022: 333,1 miljonit eurot) ja
renditavat netopinda oli kokku 135 990 m2. 2023. aasta I kvartalis müüs
kontsern ligikaudu 23,5 miljoni euro eest oma osaluse ettevõttes BH Domus Pro
UAB, investeeris 0,7 miljonit eurot rekonstrueerimisprojekti ja 0,3 miljonit
eurot olemasolevasse kinnisvarainvesteeringute portfelli.
Intressikandvad laenud ja võlakirjad
Intressikandvad laenud ja võlakirjad (ei sisalda rendikohustisi) moodustasid
177,1 miljonit eurot (31. detsember 2022: 194,6 miljonit eurot). Pangalaenude
jääk vähenes Domus Pro ja Europa ostukeskuse laenude osalise tagasimaksmise ja
graafikujärgse laenuamortisatsiooni tõttu. Aastane laenuamortisatsioon moodustas
1,2% kogu tasumata laenujäägist. Fondi keskmine intressimäär oli 2023. aasta I
kvartali lõpus 3,4%.
Rahavood
2023. aasta äritegevuse rahavoog oli positiivne summas 2,9 miljonit eurot (I kv
2022: positiivne summas 2,8 miljonit eurot). Investeerimistegevuse rahavoog oli
tänu BH Domus Pro UAB müügile positiivne summas 7,7 miljonit eurot (I kv 2022:
negatiivne summas 4,6 miljonit eurot). Finantseerimistegevuse rahavoog oli
negatiivne summas 8,5 miljonit eurot (I kv 2022: negatiivne summas 3,8 miljonit
eurot). 2023. aasta I kvartalis maksis Fond tagasi Domus Pro pangalaenu ja osa
Europa ostukeskuse pangalaenust ning maksis võlakirjade ja pangalaenude
graafikujärgseid intresse. 2023. aasta märtsis tasus Fond BH Domus Pro UAB
müügist saadud vahendite abil Domus Pro pangalaenu (11,0 miljonit eurot) ja 6,0
miljonit eurot Europa ostukeskuse pangalaenust. 2023. aasta I kvartali lõpus oli
Fondil raha ja raha ekvivalente summas 7,5 miljonit eurot (31. detsember
2022: 5,3 miljonit eurot). Tegevuskulud on täielikult kaetud renditegevusest
laekuvate rahavoogudega.
Peamised kasumlikkuse näitajad
Tuhandetes eurodes I kv 2023 I kv 2022 Muutus (%)
-------------------------------------------------------------------------------
Puhas renditulu 4,202 4,193 0.2%
Halduskulud -736 -659 11,7%
Muu äritulu 10 7 -42,9%
Kahjum kinnisvarainvesteeringu müügist -1 533 - -
Kinnisvarainvesteeringute ümberhindluse
kasum/kahjum -4 -6 -33,3%
Ärikasum 1 939 3 535 -45,1%
Finantstulud ja -kulud
(neto) -2 037 -1 442 -41,3%
Maksueelne kasum -98 2 093 -104,7%
Tulumaks 120 -97 -223,7%
-------------------------------------------------------------------------------
Perioodi puhaskasum 22 1 996 -98,9%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud
keskmine arv 119 635 429 119 635 429 -
Kasum/kahjum osaku kohta
(eurodes) 0,00 0,02 -
-------------------------------------------------------------------------------
Peamised finantsseisundi näitajad
Tuhandetes
eurodes 31.01.2023 31.03.2022 Muutus (%)
-------------------------------------------------------------------------------
Kasutuses olevad
kinnisvarainvesteeringud 309 047 333 123 -7,2%
Varade brutoväärtus (GAV) 321 302 343 963 -6,6%
Intressikandvad laenud ja
võlakirjad 177 124 194 569 -9,0%
Kohustised
kokku 187 835 210 308 -10,7%
-------------------------------------------------------------------------------
IFRS varade puhasväärtus (IFRS
NAV) 133 467 133 655 -0,1%
EPRA puhas taastamisväärtus (EPRA
NRV) 139 593 141 943 -1,7%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute arv 119 635 429 119 635 429 -
Osaku puhasväärtus - IFRS NAV osaku kohta
(eurodes) 1,1156 1,1172 -0,1%
EPRA puhas taastamisväärtus (NRV) osaku
kohta (eurodes) 1,1668 1,1865 -1,7%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Laenu tagatuse suhtarv (%) 57,3% 58,4% -
Keskmine sisemine intressimäär (%) 3,4% 3,0% -
-------------------------------------------------------------------------------
Fondi kinnisvarainvesteeringute portfelli keskmine tegelik täitumus oli 2023.
aasta I kvartalis 89,6% (IV kv 2022: 90,2%). Seisuga 31. märts 2023 oli täitumus
88,8% (31. detsember 2022: 90,5%).
Kui ankurüürnikku otsiv Meraki välja arvata, näitas büroosegment endiselt
tugevaid tulemusi: 2023. aasta I kvartalis oli täitumus ligikaudu 97,4%. Duetto
II, Vainodes I, LNK Centre ja CC Plaza on täielikult välja renditud.
Rendiprotsessi kiirendamiseks suurendati 2022. aastal nii kaubandus- kui ka
büroosegmendi hoonete rentimisega tegelevaid meeskondi. 2022. aasta detsembris
sõlmiti leping Galerija Centrsi ankurrentnikuga. Ehitustööd uue rahvusvahelise
ankurrentniku pinna ettevalmistamiseks algasid 2023. aasta I kvartalis, avamine
on kavandatud 2023. aasta novembrisse.
Kinnisvarainvesteeringute keskmine otsene tootlus oli 2023. aasta I kvartalis
4,7% (IV kv 2022: 5,0%) ja kogu portfelli esmane puhastootlus 5,0% (IV kv
2022: 5,3%). Tootluse langus on peamiselt tingitud lühiajalisest vakantsusest
ankurrentniku ruumide sisseseadmisega seotud ehitustööde tõttu ja Burzma
avamisega seotud ühekordsetest kuludest.
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 31. märts 2023
Õiglane Otsene
väärtus(1) Renditav tootlus Esmane
(tuhandetes netopind I kv puhastootlus Täitumuse
Kinnisvarainvesteering Segment eurodes) (m(2)) 2023(2) I kv 2022(3) määr
-------------------------------------------------------------------------------------
Vilnius, Leedu
Duetto I Büroo 18 845 8 587 8,4% 6,7% 97,6%
Duetto II Büroo 20 253 8 674 7,6% 6,9% 100,0%
Europa ostukeskus Kaubandus 35 795 16 929 3,7% 4,1% 80,9%
North Star ärikeskus Büroo 21 790 10 579 7,2% 7,0% 97,7%
Meraki Büroo 17 422 8 113 1,3% 1,4% 30,9%
-------------------------------------------------------------------------------------
Vilniuses kokku 114 105 52 882 5,3% 5,1% 82,4%
-------------------------------------------------------------------------------------
Riia, Läti
Upmalas Biroji
bürookompleks Büroo 20 960 10 459 7,3% 8,4% 98,8%
Vainodes I Büroo 18 010 8 128 6,3% 7,6% 100,0%
LNK Centre Büroo 17 000 7 450 6,9% 6,9% 100,0%
Sky ostukeskus Kaubandus 5 773 3 259 7,8% 6,9% 98,5%
Galerija Centrs Kaubandus 67 885 19 270 1,3% 1,5% 81,3%
-------------------------------------------------------------------------------------
Riias kokku 129 628 48 566 3,9% 4,4% 92,2%
-------------------------------------------------------------------------------------
Tallinn, Eesti
Postimaja ja CC Plaza Kaubandus 26 715 9 232 3,6% 4,9% 95,6%
Postimaja ja CC Plaza Vaba aeg 14 396 9 094 6,6% 5,5% 100,0%
Lincona Büroo 15 203 10 775 6,8% 7,2% 87,6%
Pirita ostukeskus Kaubandus 9 000 5 441 5,6% 7,9% 92,6%
-------------------------------------------------------------------------------------
Tallinnas kokku 65 314 34,541 5,1% 6,0% 93,8%
-------------------------------------------------------------------------------------
Portfell kokku 309 047 135 990 4,7% 5,0% 88,8%
-------------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 31. detsember 2022 teostatud hindamisel,
hilisematel kapitalikuludel ja kajastatud kasutusõiguse varadel.
2. Otsese tootluse leidmiseks jagatakse annualiseeritud puhas äritulu
kinnisvarainvesteeringu soetusmaksumuse ja hilisemate kapitalikulude summaga.
3. Esmase puhastootluse leidmiseks jagatakse annualiseeritud puhas äritulu
kinnisvarainvesteeringu turuväärtusega.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
Tuhandetes eurodes 01.01.2023-31.03.2023 01.01.2022-31.03.2022
-------------------------------------------------------------------------------
Renditulu 5 274 4 959
Teenustasutulu 1 442 1 304
Renditegevuse kulud -2 514 -2 070
-------------------------------------------------------------------------------
Puhas renditulu 4 202 4 193
-------------------------------------------------------------------------------
Halduskulud -736 -659
Muu äritulu 10 7
Kahjum kinnisvarainvesteeringu
müügist -1 533 -
Kinnisvarainvesteeringute
ümberhindluse kasum/kahjum -4 -6
-------------------------------------------------------------------------------
Ärikasum/-kahjum 1 939 3 535
-------------------------------------------------------------------------------
Finantskulud -2 037 -1 442
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -2 037 -1 442
-------------------------------------------------------------------------------
Maksueelne kasum/kahjum -98 2 093
Tulumaks 120 -97
-------------------------------------------------------------------------------
Perioodi kasum/kahjum 22 1 996
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse
ümberliigitatav muu koondkasum/-
kahjum
Rahavoogude riskimaandamise
puhaskasum -251 721
Rahavoogude riskimaandamise
puhaskasumiga/ -kahjumiga seotud
tulumaks 41 -64
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse
ümberliigitatav tulumaksujärgne
muu koondkasum kokku -210 657
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne
koondkasum/-kahjum kokku -188 2 653
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava- ja lahustatud kasum/kahjum
osaku kohta (eurodes) 0,00 0,02
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 31.03.2023 31.12.2022
---------------------------------------------------------------------------
Põhivarad
Kinnisvarainvesteeringud 309 047 333 123
Immateriaalsed põhivarad 6 6
Materiaalsed põhivarad 1 1
Tuletisinstrumendid 1 577 2 228
---------------------------------------------------------------------------
Põhivarad kokku 310 631 335 358
---------------------------------------------------------------------------
Käibevarad
Nõuded ostjate vastu ja muud nõuded 2 247 2 693
Ettemaksed 292 273
Tuletisinstrumendid 637 292
Raha ja raha ekvivalendid 7 495 5 347
---------------------------------------------------------------------------
Käibevarad kokku 10 671 8 605
---------------------------------------------------------------------------
Varad kokku 321 302 343 963
---------------------------------------------------------------------------
Omakapital
Sissemakstud kapital 145 200 145 200
Rahavoogude riskimaandamise reserv 1 471 1 681
Jaotamata kahjum -13 204 -13 226
---------------------------------------------------------------------------
Omakapital kokku 133 467 133 655
---------------------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad võlakohustised 58 349 124 017
Edasilükkunud tulumaksukohustised 5 203 7 490
Muud pikaajalised kohustised 998 1 240
---------------------------------------------------------------------------
Pikaajalised kohustised kokku 64 550 132 747
---------------------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad võlakohustised 119 151 71 094
Võlad tarnijatele ja muud võlad 3 356 5 644
Tulumaksukohustis 1 10
Muud lühiajalised kohustised 777 813
---------------------------------------------------------------------------
Lühiajalised kohustised kokku 123 285 77 561
---------------------------------------------------------------------------
Kohustised kokku 187 835 210 308
---------------------------------------------------------------------------
Omakapital ja kohustised kokku 321 302 343 963
---------------------------------------------------------------------------
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 09.05.2023 kell 23:40 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Teate sisu inglise keeles
Pealkiri
Baltic Horizon Fund consolidated unaudited results for Q1 2023
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 2023.
Net result and net rental income
The Group recorded a net profit of EUR 22 thousand against EUR 1,996 thousand
for Q1 2022. The net result was mainly impacted by the one-off sale of BH Domus
Pro UAB, which owns a retail park and an office building in Vilnius, Lithuania.
The net profit was also impacted by the increased financial expenses. The
positive impact of the increase in net rental income was partly offset by
temporary vacancy related non-recoverable property costs.
The Group earned net rental income of EUR 4.2 million in both Q1 2023 and Q1
2022. The results for 2023 include only two months' net rental income of Domus
Pro Retail and Office property (EUR 0.3 million), which was sold in February
2023. Rent indexations and the recovery of income improved the net rental income
of the same portfolio mix (like-for-like portfolio).
On an EPRA like-for-like basis, portfolio net rental income increased by 1.9%
year on year, mainly due to higher performance in the office segment. The
increase was also impacted by the relatively stable performance of the retail
segment.
Portfolio properties in the office segment contributed 61.0% (Q1 2022: 58.4%) of
net rental income in Q1 2023, followed by the retail segment with 34.3% (Q1
2022: 36.5%) and the leisure segment with 4.7% (Q1 2022: 5.1%).
Retail assets located in the central business districts (Postimaja, Europa and
Galerija Centrs) accounted for 22.4% of total portfolio net rental income in Q1
2023. Total net rental income attributable to neighbourhood shopping centres was
11.9% in Q1 2023.
Domus PRO complex disposal
On 8 February 2023, the Fund signed a share sale and purchase agreement with UAB
PREF III to sell 100% shares of BH Domus Pro UAB which owns a retail park and an
office building in Vilnius, Lithuania. The agreed price of the property was
approximately EUR 23.5 million. The internal rate of return (IRR) for the
holding period of more than 9 years was around 15.8%, while equity multiple was
2.1. The proceeds of the transaction were used mainly to decrease the loan
obligations of the Fund and partially to redeem the Fund's bonds which mature in
May 2023. Closing of the transaction took place on 6 March 2023.
Gross Asset Value (GAV)
At the end of Q1 2023, the Fund's GAV was EUR 321.3 million (31 December 2022:
EUR 344.0 million), 6.6% lower than at the end of the previous period. The
decrease is mainly related to the sale of BH Domus Pro UAB.
Net Asset Value (NAV)
At the end of Q1 2023, the Fund's NAV was EUR 133.5 million (31 December 2022:
EUR 133.7 million). Compared to the year-end 2022 NAV, the Fund's NAV decreased
by 0.1%. As of 31 March 2023, IFRS NAV per unit decreased to EUR 1.1156 (31
December 2022: EUR 1.1172), while EPRA net tangible assets and EPRA net
reinstatement value was EUR 1.1668 per unit (31 December 2022: EUR 1.1865). EPRA
net disposal value was EUR 1.1130 per unit (31 December 2022: EUR 1.1143).
Investment properties
At the end of Q1 2023, the Baltic Horizon Fund portfolio consisted of 14 cash
flow generating investment properties in the Baltic capitals. The fair value of
the Fund's portfolio was EUR 309.0 million (31 December 2022: EUR 333.1 million)
and incorporated a total net leasable area of 135,990 sq. m. During Q1 2023 the
Group sold the Domus PRO buildings for approx. EUR 23.5 million, invested EUR
0.7 million in reconstruction project and EUR 0.3 million in the existing
property portfolio.
Interest-bearing loans and bonds
Interest-bearing loans and bonds (excluding lease liabilities) were EUR 177.1
million (31 December 2022: EUR 194.6 million). Outstanding bank loans decreased
due to the repayment of part of the Domus Pro and Europa loans and regular bank
loan amortisation. Annual loan amortisation accounted for 1.2% of total debt
outstanding. Average effective interest rate of the Fund at the end of Q1 2023
was 3.4%.
Cash flow
Cash inflow from core operating activities in 2023 amounted to EUR 2.9 million
(Q1 2022: cash inflow of EUR 2.8 million). Cash inflow from investing activities
was EUR 7.7 million (Q1 2022: cash outflow of EUR 4.6 million) due to the sale
of BH Domus Pro UAB. Cash outflow from financing activities was EUR 8.5 million
(Q1 2022: cash outflow of EUR 3.8 million). In Q1 2023, the Fund repaid the
Domus Pro loan and part of the Europa loan and paid regular interest on bank
loans and bonds. In March 2023 the Fund repaid the Domus Pro loan (EUR 11.0
million) and repaid EUR 6.0 million of the Europa loan using the proceeds from
the sale of the shares in BH Domus Pro UAB. At the end of Q1 2023, the Fund's
consolidated cash and cash equivalents amounted to EUR 7.5 million (31 December
2022: EUR 5.3 million). Operating costs are fully covered by cash flows
generated by rental activities.
Key earnings figures
EUR '000 Q1 2023 Q1 2022 Change (%)
-------------------------------------------------------------------------------
Net rental income 4,202 4,193 0.2%
Administrative
expenses (736) (659) 11.7%
Other operating income 10 7 (42.9%)
Losses on disposal of investment properties (1,533) - -
Valuation gains (losses) on investment
properties (4) (6) (33.3%)
Operating profit 1,939 3,535 (45.1)
Net financing
costs (2,037) (1,442) (41.3%)
Profit before tax (98) 2,093 (104.7%)
Income tax 120 (97) (223.7%)
-------------------------------------------------------------------------------
Net profit for the
period 22 1,996 (98.9%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Weighted average number of units
outstanding (units) 119,635,429 119,635,429 -
Earnings per unit
(EUR) 0.00 0.02 -
-------------------------------------------------------------------------------
Key financial position figures
EUR '000 31.01.2023 31.03.2022 Change (%)
-------------------------------------------------------------------------------
Investment properties in use 309,047 333,123 (7.2%)
Gross asset value (GAV) 321,302 343,963 (6.6%)
Interest-bearing loans and bonds 177,124 194,569 (9.0%)
Total
liabilities 187,835 210,308 (10.7%)
-------------------------------------------------------------------------------
IFRS Net asset value (IFRS NAV) 133,467 133,655 (0.1%)
EPRA Net Reinstatement Value
(EPRA NRV) 139,592 141,943 (1.7%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Number of units outstanding
(units) 119,635,429 119,635,429 -
IFRS Net asset value (IFRS NAV) per unit
(EUR) 1.1156 1.1172 (0.1%)
EPRA Net Reinstatement Value (EPRA NRV) per
unit (EUR) 1.1668 1.1865 (1.7%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Loan-to-Value ratio (%) 57.3% 58.4% -
Average effective interest rate
(%) 3.4% 3.0% -
-------------------------------------------------------------------------------
During Q1 2023, the average actual occupancy of the portfolio was 89.6% (Q4
2023: 90.2%). The occupancy rate as of 31 March 2023 was 88.8% (31 December
2022: 90.5%).
Excluding the Meraki building which is in search for an anchor tenant, the
office segment occupancy remained at around 97.4% during Q1 2023. Duetto II,
Vainodes I, LNK and CC Plaza are fully occupied. The Fund's retail and office
leasing teams were expanded in 2022 to speed up the leasing process. The
agreement with the new international anchor tenant in Galerija Centrs was signed
in December 2022. Construction works for anchor tenant fit-out started in Q1
2023, with an opening planned in November 2023.
The average direct property yield during Q1 2023 was 4.7% (Q4 2022: 5.0%). The
net initial yield for the whole portfolio for Q1 2023 was 5.0% (Q4 2022: 5.3%).
The decrease is mainly attributable to the short-term vacancy due to the
construction works related to anchor tenant fit-out and one-off cost related to
"BURZMA" opening.
Overview of the Fund's investment properties as of 31 March 2023
Direct Net
Property name Sector Fair property initial
value(1) NLA yield yield Occupancy
(EUR '000) (sq. m) Q1 2023(2) Q1 2023(3) rate
-------------------------------------------------------------------------------
Vilnius,
Lithuania
Duetto I Office 18,845 8,587 8.4% 6.7% 97.6%
Duetto II Office 20,253 8,674 7.6% 6.9% 100.0%
Europa SC Retail 35,795 16,929 3.7% 4.1% 80.9%
North Star Office 21,790 10,579 7.2% 7.0% 97.7%
Meraki Office 17,422 8,113 1.3% 1.4% 30.9%
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Total Vilnius 114,105 52,882 5.3% 5.1% 82.4%
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Riga, Latvia
Upmalas Office
Biroji BC 20,960 10,459 7.3% 8.4% 98.8%
Vainodes I Office 18,010 8,128 6.3% 7.6% 100.0%
LNK Centre Office 17,000 7,450 6.9% 6.9% 100.0%
Sky SC Retail 5,773 3,259 7.8% 6.9% 98.5%
Galerija Retail
Centrs 67,885 19,142 1.3% 1.5% 81.3%
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Total Riga 129,628 48,566 3.9% 4.4% 92.2%
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Tallinn,
Estonia
Postimaja & Retail
CC Plaza
complex 26,715 9,232 3.6% 4.9% 95.6%
Postimaja & Leisure
CC Plaza
complex 14,396 9,094 6.6% 5.5% 100.0%
Lincona Office 15,203 10,775 6.8% 7.2% 87.6%
Pirita SC Retail 9,000 5,441 5.6% 7.9% 92.6%
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Total Tallinn 65,314 34.542 5.1% 6.0% 93.8%
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Total
portfolio 309,047 135,990 4.7% 5.0% 88.8%
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1. Based on the latest valuation as of 31 December 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
EUR '000 01.01.2023-31.03.2023 01.01.2022-31.03.2022
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Rental income 5,274 4,959
Service charge income 1,442 1,304
Cost of rental activities (2,514) (2,070)
-------------------------------------------------------------------------------
Net rental income 4,202 4,193
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Administrative expenses (736) (659)
Other operating income 10 7
Losses on disposal of investment
properties (1,533) -
Valuation gains (losses) on
investment properties (4) (6)
-------------------------------------------------------------------------------
Operating profit (loss) 1,939 3,535
-------------------------------------------------------------------------------
Financial expenses (2,037) (1,442)
-------------------------------------------------------------------------------
Net financial expenses (2,037) (1,442)
-------------------------------------------------------------------------------
Profit (loss) before tax (98) 2,093
Income tax charge 120 (97)
-------------------------------------------------------------------------------
Profit (loss) for the period 22 1,996
-------------------------------------------------------------------------------
Other comprehensive income that is
or may be reclassified to profit
or loss in subsequent periods
Net gain (loss) on cash flow
hedges (251) 721
Income tax relating to net gain
(loss) on cash flow hedges 41 (64)
-------------------------------------------------------------------------------
Other comprehensive income, net of
tax, that is or may be
reclassified to profit or loss in
subsequent periods (210) 657
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income
(expense) for the period, net of
tax (188) 2,653
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic and diluted earnings per
unit (EUR) 0.00 0.02
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 31.03.2023 31.12.2022
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Non-current assets
Investment properties 309,047 333,123
Intangible assets 6 6
Property, plant and equipment 1 1
Derivative financial instruments 1,577 2,228
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Total non-current assets 310,631 335,358
-------------------------------------------------------------------------
Current assets
Trade and other receivables 2,247 2,693
Prepayments 292 273
Derivative financial instruments 637 292
Cash and cash equivalents 7,495 5,347
-------------------------------------------------------------------------
Total current assets 10,671 8,605
-------------------------------------------------------------------------
Total assets 321,302 343,963
-------------------------------------------------------------------------
Equity
Paid in capital 145,200 145,200
Cash flow hedge reserve 1,471 1,681
Retained earnings (13,204) (13,226)
-------------------------------------------------------------------------
Total equity 133,467 133,655
-------------------------------------------------------------------------
Non-current liabilities
Interest-bearing loans and borrowings 58,349 124,017
Deferred tax liabilities 5,203 7,490
Other non-current liabilities 998 1,240
-------------------------------------------------------------------------
Total non-current liabilities 64,550 132,747
-------------------------------------------------------------------------
Current liabilities
Interest-bearing loans and borrowings 119,151 71,094
Trade and other payables 3,356 5,644
Income tax payable 1 10
Other current liabilities 777 813
-------------------------------------------------------------------------
Total current liabilities 123,285 77,561
-------------------------------------------------------------------------
Total liabilities 187,835 210,308
-------------------------------------------------------------------------
Total equity and liabilities 321,302 343,963
-------------------------------------------------------------------------
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. Distribution: GlobeNewswire, Nasdaq
Tallinn, Nasdaq Stockholm, 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
23:40 EET on 9 May 2023.