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
7294
Manused
Esitamise kuupäev ja aeg
17.05.2019 11:45:00
Teate sisu eesti keeles
Pealkiri
Baltic Horizon Fndi 2019. aasta I kvartali konsolideeritud auditeerimata majandustulemused
Teade
Vara brutoväärtus (Gross Asset Value ehk GAV)
2019. aasta I kvartalis suurenes Fondi vara brutoväärtus 260,9 miljonilt eurolt
(2018. aasta IV kvartali lõpu näitaja) 269,5 miljoni euroni. See on peamiselt
seotud Duetto II büroohoone soetamisega veebruaris.
Vara puhasväärtus (Net Asset Value ehk NAV)
2019. aasta I kvartalis vähenes Fondi vara puhasväärtus 109,8 miljonilt eurolt
(2018. aasta IV kvartali lõpu näitaja) 109,3 miljoni euroni. Fondi vara
puhasväärtusele avaldasid positiivset mõju Fondi I kvartali majandustulemused,
ent seda mõju vähendasid osakuomanikele tehtud rahaline väljamakse summas 2,1
miljonit eurot (0,027 eurot osaku kohta) ja negatiivne muutus rahavoo
riskimaandamise reservis.
Puhas renditulu ja puhaskasum
Fondi 2019. aasta I kvartali puhaskasum oli 2 173 tuhat eurot (2018. aasta I
kvartal: 1 684 tuhat eurot). Fond teenis 2019. aasta I kvartalis 3,9 miljonit
eurot puhast renditulu (2018. aasta I kvartal: 3,4 miljonit eurot). Puhtale
renditulule ja puhaskasumile avaldas positiivset mõju uute
kinnisvarainvesteeringute omandamine 2018. aasta lõpus ja 2019. aasta alguses
(LNK Centre ja Duetto II büroohooned).
Rahaline väljamakse (dividend)
17. mail 2019 kuulutas Fond 2019. aasta I kvartali tulemuste eest välja rahalise
kvartaliväljamakse kogusummas 2,45 miljonit eurot ehk 0,025 eurot osaku kohta
(IV kvartalis 2018 2,119 miljonit eurot või 0,027 eurot osaku kohta).
Kvartali peamised näitajad
Tuhandetes eurodes I kv 2019 I kv 2018 Muutus (%)
-------------------------------------------------------------------------------
Puhas renditulu 3 916 3 409 14,9%
Ärikasum 3 213 2 775 15,8%
Finantstulud ja -kulud -897 -487 84,2%
Maksueelne kasum 2 316 2 288 1,2%
Perioodi puhaskasum 2 173 1 684 29,0%
Ringluses olevate osakute kaalutud
keskmine arv 78 496 831(1) 78 154 221 0,4%
-------------------------------------------------------------------------------
Kasum osaku kohta (eurodes) 0,03 0,02 50,0%
-------------------------------------------------------------------------------
Tuhandetes eurodes 31.03.2019 31.12.2018 Muutus (%)
------------------------------------------------------------------------------
Kasutuses olevad kinnisvarainvesteeringud 263 566 245 160 7,5%
Vara brutoväärtus 269 488 260 878 3,3%
Intressikandvad laenukohustised 149 159 140 507 6,2%
Kohustised kokku 160 149 151 073 6,0%
Vara puhasväärtus 109 339 109 805 -0,4%
------------------------------------------------------------------------------
Ringluses olevate osakute arv 78 496 831 78 496 831(1) 0,0%
Vara puhasväärtus osaku kohta (eurodes) 1,3929 1,3988 -0,4%
Laenu tagatuse suhtarv 56,6% 57,3%
Keskmine sisemine intressimäär 2,4% 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 I kvartalis
2019. aasta I kvartalis oli Fondi kinnisvarainvesteeringute portfelli
rendipindade tegelik keskmine täitumus 96,6% (2018. aasta IV kvartal: 98,2%).
Kõiki rendigarantiisid arvesse võttes oli sisemine täitumuse määr 97,3% (2018.
aasta IV kvartal: 98,6%). Kinnisvarainvesteeringute keskmine otsene tootlus oli
2019. aasta I kvartalis 6,7% (2018. aasta IV kvartal: 6,8%).
Kinnisvarainvesteeringute portfelli esmane puhastootlus oli samal perioodil
6,3% (2018. aasta IV kvartal: 6,5%).
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 31. märts 2019
-----------------------------------------------------------------------------------------
Turuväärtus(1) Otsene Esmane Täitumuse
Kinnisvarainvesteering Tuhandetes Renditav tootlus(2) puhas- määr
Segment eurodes netopind tootlus(3) I kv 2019
-----------------------------------------------------------------------------------------
Vilnius, Leedu
Duetto I Büroo 16 320 8 498 7,9% 7,2% 100,0%(4)
Duetto II Büroo 18 338 8 636 7,1% 7,1% 100,0%(4)
Europa ostukeskus Kaubandus 41 139 16 856 6,9% 6,3% 96,3%
Domus Pro ostukeskus Kaubandus 17 465 11 247 7,4% 6,6% 98,3%
Domus Pro ärikeskus Büroo 7 461 4 831 8,6% 7,5% 100,0%
Meraki 1 670 - - - -
-----------------------------------------------------------------------------------------
Kinnisvarainvesteeringud kokku 102 393 50 068 7,3% 6,7% 98,2%
-----------------------------------------------------------------------------------------
Riia, Läti
Upmalas Biroji
bürookompleks Büroo 25 734 10 458 7,0% 6,5% 100,0%
Vainodes I Büroo 21 243 8 052 6,8% 6,8% 100,0%
LNK Centre Büroo 17 450 7 453 6,1% 5,9% 100,0%
Sky supermarket Kaubandus 5 390 3 254 5,0% 4,6% 99,4%
-----------------------------------------------------------------------------------------
Kinnisvarainvesteeringud kokku 69 817 29 217 6,5% 6,3% 99,9%
-----------------------------------------------------------------------------------------
Tallinn, Eesti
Postimaja ja CC Plaza Kaubandus 32 450 9 145 4,3% 4,6% 90,9%
Postimaja ja CC Plaza Vaba aeg 14 470 8 664 8,5% 7,0% 100,0%
G4S-i peahoone Büroo 17 240 9 179 7,3% 6,5% 90,2%
Lincona Büroo 17 176 10 871 8,5% 7,7% 100,0%
Pirita ostukeskus Kaubandus 10 020 5 508 4,6% 5,6% 89,2%
-----------------------------------------------------------------------------------------
Kinnisvarainvesteeringud kokku 91 356 43 367 6,1% 6,0% 94,6%
-----------------------------------------------------------------------------------------
Portfell kokku 263 566 122 652 6,7% 6,3% 97,3%
-----------------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 28. detsember 2018 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. Sisemine täitumuse määr on rendigarantii tõttu 100%.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
Tuhandetes eurodes Lisa 01.01.2019-31.03.2019 01.01.2018-31.03.2018
-------------------------------------------------------------------------------
Renditulu 4 151 3 606
Teenustasutulu 763 585
Renditegevuse kulud 6 -998 -782
-------------------------------------------------------------------------------
Puhas renditulu 4 3 916 3 409
-------------------------------------------------------------------------------
Halduskulud 7 -709 -640
Muu äritulu 6 6
-------------------------------------------------------------------------------
Ärikasum 3 213 2 775
-------------------------------------------------------------------------------
Finantstulud 2 2
Finantskulud 8 -899 -489
-------------------------------------------------------------------------------
Finantstulud ja -kulud
kokku -897 -487
-------------------------------------------------------------------------------
Maksueelne kasum 2 316 2 288
Tulumaksukulu 4, 10 -143 -604
-------------------------------------------------------------------------------
Perioodi kasum 4 2 173 1 684
-------------------------------------------------------------------------------
Rahavoogude
riskimaandamise
puhaskasum/-kahjum 14b -556 -315
Rahavoogude
riskimaandamise
puhaskasumi/-kahjumiga
seotud tulumaks 14b, 10 36 45
-------------------------------------------------------------------------------
Tulevikus kasumisse või
kahjumisse ümberliigitatav
tulumaksujärgne muu
koondkasum/-kahjum -520 -270
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne
koondkasum kokku 1 653 1 414
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava- ja lahustatud kasum
osaku kohta (eurodes) 9 0.03 0.02
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes Lisa 31.03.2019 31.12.2018
------------------------------------------------------------------------
Põhivara
Kinnisvarainvesteeringud 4, 11 263 566 245 160
Tuletisinstrumendid 20 7 9
Muu põhivara 96 596
------------------------------------------------------------------------
Põhivara kokku 263 669 245 765
------------------------------------------------------------------------
Käibevara
Nõuded ostjate vastu ja muud nõuded 12 2 556 2 734
Ettemaksed 316 154
Raha ja raha ekvivalendid 13 2 947 12 225
------------------------------------------------------------------------
Käibevara kokku 5 819 15 113
------------------------------------------------------------------------
Varad kokku 4 269 488 260 878
------------------------------------------------------------------------
Omakapital
Sissemakstud kapital 14a 93 338 93 673
Omaosakud 14a - -335
Rahavoogude riskimaandamise reserv 14b -1 525 -1 005
Jaotamata kasum 17 526 17 472
------------------------------------------------------------------------
Omakapital kokku 109 339 109 805
------------------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad laenukohustised 15 148 771 140 401
Edasilükkunud tulumaksukohustised 5 934 5 844
Tuletisinstrumendid 20 1 623 1 069
Muud pikaajalised kohustised 921 905
------------------------------------------------------------------------
Pikaajalised kohustised kokku 157 249 148 219
------------------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad laenukohustised 15 388 106
Võlad tarnijatele ja muud võlad 16 2 186 2 397
Tulumaksukohustis 3 -
Muud lühiajalised kohustised 323 351
------------------------------------------------------------------------
Lühiajalised kohustised kokku 2 900 2 854
------------------------------------------------------------------------
Kohustised kokku 4 160 149 151 073
------------------------------------------------------------------------
Omakapital ja kohustised kokku 269 488 260 878
------------------------------------------------------------------------
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
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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 17.05.2019 kell 10:57 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Teate sisu inglise keeles
Pealkiri
Baltic Horizon Fund Consolidated Un-Audited Results for Q1 2019
Teade
Gross Asset Value (GAV)
In Q1 2019, the GAV increased from EUR 260.9 million to EUR 269.5 million
compared to the end of Q4 2018. The increase is mainly related to Duetto II
acquisition in February.
Net Asset Value (NAV)
In Q1 2019, the Fund NAV decreased from EUR 109.8 million to EUR 109.3 million
compared to the end of Q4 2018. The Fund NAV was positively affected by the
Fund's operational performance over the quarter. However, this was offset by a
EUR 2.1 million cash distribution to unitholders (EUR 0.027 per unit) and a
negative cash flow hedge reserve movement during the quarter.
Net Rental Income and Net Profit
In Q1 2019, the Fund earned a net profit of EUR 2,173 thousand (EUR 1,684
thousand during Q1 2018). In Q1 2019, the Fund recorded a EUR 3.9 million net
rental income (EUR 3.4 million in Q1 2018). Growth in net rental income and net
profit was positively affected by new property acquisitions at the end of 2018
and the beginning of 2019 (LNK Centre and Duetto II office building).
Cash Distributions (dividends)
On 17 May 2019, the Fund declared a EUR 2.45 million quarterly cash distribution
to investors, which represents a EUR 0.025 distribution per unit for the Q1
2019 results (EUR 2,119 thousand or EUR 0.027 per unit for Q4 2018).
Quarterly key figures
Euro '000 Q1 2019 Q1 2018 Change (%)
-------------------------------------------------------------------------------
Net rental income 3,916 3,409 14.9%
Operating profit 3,213 2,775 15.8%
Net financing costs (897) (487) 84.2%
Profit before tax 2,316 2,288 1.2%
Net profit for the period 2,173 1,684 29.0%
Weighted average number of units
outstanding 78,496,831(1) 78,154,221 0.4%
-------------------------------------------------------------------------------
Earnings per unit (EUR) 0.03 0.02 50.0%
-------------------------------------------------------------------------------
Euro '000 31.03.2019 31.12.2018 Change (%)
-------------------------------------------------------------------------
Investment property in use 263,566 245,160 7.5%
Gross asset value (GAV) 269,488 260,878 3.3%
Interest bearing loans 149,159 140,507 6.2%
Total liabilities 160,149 151,073 6.0%
Net asset value (NAV) 109,339 109,805 (0.4%)
-------------------------------------------------------------------------
Number of units outstanding 78,496,831 78,496,831(1) 0.0%
Net asset value (NAV) per unit (EUR) 1.3929 1.3988 (0.4%)
Loan-to-Value ratio (LTV) 56.6% 57.3%
Average effective interest rate 2.4% 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 Q1 2019
During Q1 2019, the average actual occupancy of the portfolio was 96.6% (Q4
2018: 98.2%). When all rental guarantees are considered, the effective occupancy
rate is 97.3% (Q4 2018: 98.6%). The average direct property yield during Q1
2019 was 6.7% (Q4 2018: 6.8%). The net initial yield for the whole portfolio for
Q1 2019 was 6.3% (Q4 2018: 6.5%).
Overview of the Fund's investment properties as of 31.03.2019
-------------------------------------------------------------------------------
Market Direct Net Occupancy
Property name value(1) property initial rate for Q1
Sector Euro '000 NLA yield(2) yield(3) 2019
-------------------------------------------------------------------------------
Vilnius,
Lithuania
Duetto I Office 16,320 8,498 7.9% 7.2% 100.0%(4)
Duetto II Office 18,338 8,636 7.1% 7.1% 100.0%(4)
Europa SC Retail 41,139 16,856 6.9% 6.3% 96.3%
Domus Pro
Retail Park Retail 17,465 11,247 7.4% 6.6% 98.3%
Domus Pro
Office Office 7,461 4,831 8.6% 7.5% 100.0%
Meraki Land 1,670 - - - -
-------------------------------------------------------------------------------
Total Vilnius 102,393 50,068 7.3% 6.7% 98.2%
-------------------------------------------------------------------------------
Riga, Latvia
Upmalas Biroji
BC Office 25,734 10,458 7.0% 6.5% 100.0%
Vainodes I Office 21,243 8,052 6.8% 6.8% 100.0%
LNK Centre Office 17,450 7,453 6.1% 5.9% 100.0%
Sky SC Retail 5,390 3,254 5.0% 4.6% 99.4%
-------------------------------------------------------------------------------
Total Riga 69,817 29,217 6.5% 6.3% 99.9%
-------------------------------------------------------------------------------
Tallinn,
Estonia
Postimaja & CC
Plaza Retail 32,450 9,145 4.3% 4.6% 90.9%
Postimaja & CC
Plaza Leisure 14,470 8,664 8.5% 7.0% 100.0%
G4S
Headquarters Office 17,240 9,179 7.3% 6.5% 90.2%
Lincona Office 17,176 10,871 8.5% 7.7% 100.0%
Pirita SC Retail 10,020 5,508 4.6% 5.6% 89.2%
-------------------------------------------------------------------------------
Total Tallinn 91,356 43,367 6.1% 6.0% 94.6%
-------------------------------------------------------------------------------
Total portfolio 263,566 122,652 6.7% 6.3% 97.3%
-------------------------------------------------------------------------------
1. Based on the latest valuation as at 28 December 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
Euro '000 01.01.2019-31.03.2019 01.01.2018-31.03.2018
-------------------------------------------------------------------------------
Rental income 4,151 3,606
Service charge income 763 585
Cost of rental activities (998) (782)
-------------------------------------------------------------------------------
Net rental income 3,916 3,409
-------------------------------------------------------------------------------
Administrative expenses (709) (640)
Other operating income 6 6
-------------------------------------------------------------------------------
Operating profit 3,213 2,775
-------------------------------------------------------------------------------
Financial income 2 2
Financial expenses (899) (489)
-------------------------------------------------------------------------------
Net financing costs (897) (487)
-------------------------------------------------------------------------------
Profit before tax 2,316 2,288
Income tax charge (143) (604)
-------------------------------------------------------------------------------
Profit for the period 2,173 1,684
-------------------------------------------------------------------------------
Net gains (losses) on cash flow
hedges (556) (315)
Income tax relating to net gains
(losses) on cash flow hedges 36 45
-------------------------------------------------------------------------------
Other comprehensive income/
(expense), net of tax, that is
or may be reclassified to profit
or loss in subsequent periods (520) (270)
-------------------------------------------------------------------------------
Total comprehensive income for
the period, net of tax 1,653 1,414
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic and diluted earnings per
unit (Euro) 0.03 0.02
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Euro '000 31.03.2019 31.12.2018
----------------------------------------------------------------------
Non-current assets
Investment properties 263,566 245,160
Derivative financial instruments 7 9
Other non-current assets 96 596
----------------------------------------------------------------------
Total non-current assets 263,669 245,765
----------------------------------------------------------------------
Current assets
Trade and other receivables 2,556 2,734
Prepayments 316 154
Cash and cash equivalents 2,947 12,225
----------------------------------------------------------------------
Total current assets 5,819 15,113
----------------------------------------------------------------------
Total assets 269,488 260,878
----------------------------------------------------------------------
Equity
Paid in capital 93,338 93,673
Own units - (335)
Cash flow hedge reserve (1,525) (1,005)
Retained earnings 17,526 17,472
----------------------------------------------------------------------
Total equity 109,339 109,805
----------------------------------------------------------------------
Non-current liabilities
Interest bearing loans and borrowings 148,771 140,401
Deferred tax liabilities 5,934 5,844
Derivative financial instruments 1,623 1,069
Other non-current liabilities 921 905
----------------------------------------------------------------------
Total non-current liabilities 157,249 148,219
----------------------------------------------------------------------
Current liabilities
Interest bearing loans and borrowings 388 106
Trade and other payables 2,186 2,397
Income tax payable 3 -
Other current liabilities 323 351
----------------------------------------------------------------------
Total current liabilities 2,900 2,854
----------------------------------------------------------------------
Total liabilities 160,149 151,073
----------------------------------------------------------------------
Total equity and liabilities 269,488 260,878
----------------------------------------------------------------------
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
10:57 EET on 17 May 2019.