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

8167

Esitamise kuupäev ja aeg

15.07.2020 22:45:00

Teate sisu eesti keeles

Pealkiri

Baltic Horizon Fond avaldab osaku puhasväärtuse 2020. aasta juuni seisuga

Teade

Baltic Horizon Fondi (Fond) osaku puhasväärtus (NAV) 2020. aasta juuni lõpu
seisuga on 1,2169 eurot osaku kohta. Fondi osaku puhasväärtuse muutus võrreldes
eelneva kuu lõpu seisuga on -9.57%. Fondi puhasväärtust mõjutas negatiivselt
kinnisvarainvesteeringute väärtuse langus ning muutus rahavoogude
riskimaandamisinstrumendi reservis. Negatiivset mõju puhasväärtusele
tasakaalustas osaliselt renditegevusest teenitud rahavoog. Fondi auditeerimata
konsolideeritud puhaskahjum oli 2020. aasta juunis 14,5 miljonit.

30. juuni 2020. aasta seisuga langes Baltic Horizon Fondi portfelli õiglane
väärtus 345,5 miljoni euroni (31. detsember 2019: 358,9 miljonit). 2020. aasta
juunis põhjustas portfelli hindamine õiglase väärtuse langust 15,7 miljonit
eurot (-4,36% kinnisvaraportfellist) peamiselt COVID-19 mõju tõttu
kinnisvarasektorile. Portfelli hindamine põhineb sõltumatu kinnisvarahindaja
Newsec Baltics poolt 30. juuni 2020. aasta seisuga tehtud hindamistel. Portfelli
kinnisvarainvesteeringute õiglased väärtused langesid peamiselt eeldatavate
väärtuste languse allapoole korrigeerimiste tõttu, mille põhjustas COVID-19
pandeemiaga seotud ebakindlus. Portfelli hindamise muutust mõjutasid peamiselt
varasemate hinnangutega võrreldes kõrgemad diskontomäära eeldused ja madalamad
rahavoogude prognoosid. Suurema osa portfelli diskontomäärasid tõsteti 0,3%, et
kajastada võla maksumuse eeldatavat kasvu. Portfelli äritegevuse rahavoogude
prognoosid olid madalamad EL-i ja Balti riikide tarbijahinnaindeksi taseme
prognooside languse ja suurenenud vakantsuse eelduste tõttu aastatel 2020-2022.
Väljumisootlused jäid 2019. aasta hindamistulemustega samaks, kuna puudusid
turutehingud COVID-19 eriolukorra ajal. Vara hindamise kokkuvõte avaldatakse
fondi veebilehel. Lisateavet antakse poolaastaaruandes.

Northern Horizon Capital AS kui Baltic Horizon fondi fondivalitseja jätkab
COVID-19 pandeemia majandusliku mõju aktiivset jälgimist ja võimalikku mõju
fondi tulemustele. Fondil oli 2020. aasta juuni lõpus piisavalt sularaha (7,1
miljonit eurot), et katta oma likviidsusvajadused COVID-19 pandeemia perioodil.

Lisainformatsiooni saamiseks palume ühendust võtta:

Tarmo Karotam
Baltic Horizon Fond, fondijuht
E-mail [email protected]
(https://www.globenewswire.com/Tracker?data=cWe6LqIKcs78eHz71bVGkePALkr5YF5WiVwz
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www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=Dtx9Id7muXerMQ1fx3TF6_GNE2mtZ34oVhL_
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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

Teate sisu inglise keeles

Pealkiri

Baltic Horizon Fund publishes its NAV for June 2020

Teade

Net  asset value (NAV) of Baltic Horizon Fund  (the Fund) unit as at end of June
2020 amounted  to  1.2169 EUR  per  unit.  Compared  to  the previous month, NAV
decreased  by -9.57%. The NAV was negatively affected by a decrease in values of
investment  properties and negative cash flow  hedge reserve movement during the
month.  The negative impact on the NAV was partially offset by a positive result
from  operating activities. The Fund's  unaudited consolidated net loss amounted
to 14.5 million in June 2020.

As  of  30 June  2020, the  fair  value  of  the  Baltic  Horizon Fund portfolio
decreased to EUR 345.5 million (31 December 2019: 358.9 million). In June 2020,
the  portfolio valuation resulted  in a fair  value loss of  EUR 15.7 million (-
4.36% of property portfolio) primarily due to the impact of COVID-19 on the real
estate industry. The portfolio valuation is based on the valuations conducted by
an  independent real  estate appraiser  Newsec Baltics  as of 30 June 2020. Fair
values  of  investment  properties  in  the  portfolio  decreased  mainly due to
downward  adjustments to  valuation assumptions  resulting from  the uncertainty
associated  with  the  pandemic.  The  change  in  the  portfolio  valuation was
primarily  influenced by  higher discount  rate assumptions  and lower cash flow
projections compared to the previous valuations. Discount rates for the majority
of  the portfolio were  raised by 0.3% to  reflect the expected  increase in the
cost of debt. Operating cash flow projections of the portfolio were lowered as a
result of a decrease in EU and Baltic consumer price index level projections and
increased  vacancy assumptions during the  years 2020-2022. Exit yields remained
the  same compared to 2019 valuations  due to a lack  of comparable market deals
during  COVID-19 lockdown. The summary of  property valuations will be published
on  the Fund`s  webpage. More  information will  be provided  in the semi-annual
report.

The  Management  Company  of  the  Fund  will  continue  to actively monitor the
economic  impact of the  COVID-19 pandemic and reassess  the potential impact on
the Fund's results. At the end of June 2020, the Fund had a sufficient amount of
cash (EUR 7.1 million) to cover its liquidity needs amid the COVID-19 pandemic.

Additional information:

Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected]
(https://www.globenewswire.com/Tracker?data=uMlftpVUP59vcFGbVHHzr_KcjChy3SCrD-
dLLbKTf0tYKkwB7G6reju32f7rd8ox82AC6Fn9dBPVvf3Ds42Jh3HUJLP5jcLLX8sWJsVvChk=)
www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=GSQVye1bgzTst_zGKIpP26VIk1zPIzIgVMWj
ti3i1cf-4E0NoN4fd-0Tfskl1CsTlTHoZAL_uWoEIZ8vsfyPcNQbnnYeu2x_1pKetGZPyYM=)

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