Baltic Horizon Fund consolidated un-audited financ
Post# of 301275
Baltic Horizon Fund publishes consolidated un-audited financial results for Q4 2016.
As at 31 December 2016 the GAV of the Fund increased to EUR 154.9 million (EUR 133.7 million as at 30 September 2016). The increase is mainly related to the acquisition of Pirita shopping centre and the increase in cash as a result of the second public offering.
As of 31 December 2016, the Fund NAV was EUR 76.8 million, compared to EUR 57.2 million as at 30 September 2016. The increase in NAV is mainly related to the new capital raised during the second public offering (approx. EUR 19.5 million net of subscription fees) and the performance of the Fund.
During Q4 2016, the Fund recorded a net profit of EUR 1.2 million (EUR 3.2 million during Q4 2015) which had a positive effect on the Fund NAV. The net result was positively affected by the quarter-end revaluation of Domus Pro and the operational performance of the properties. Since the valuation of the properties took place in September, the Fund did not commission new valuations for the entire portfolio as of the year-end. The next valuations are planned to be conducted in June 2017. Net profit in Q4 2015 was higher because of property valuation gains.
In Q4 2016, the net rental operating income (NOI) earned by the Group amounted to EUR 2.3 million (EUR 7.2 million during twelve months ended December 2016) and was higher than in Q4 2015 when the Group earned EUR 1.6 million (EUR 5.3 million during twelve months ended December 2015). Compared to 2015, the increase in NOI is mainly related to rental income earned by the new acquisitions G4S Headquarters, Upmalas Biroji and Pirita shopping centre.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| Euro ‘000 | Q4 2016 | Q4 2015 | 2016 | 2015 |
| Rental income | 2,540 | 1,748 | 7,874 | 6,073 |
| Expenses reimbursement revenue | 784 | 594 | 2,594 | 2,062 |
| Cost of rental activities | (1,014) | (792) | (3,315) | (2,796) |
| Net rental income | 2,310 | 1,550 | 7,153 | 5,339 |
| Administrative expenses | (728) | (363) | (2,190) | (984) |
| Other operating income / (expenses) | 2 | 1 | 97 | 267 |
| Net loss on disposal of investment property | - | - | - | (10) |
| Valuation gains / (loss) on investment properties | 201 | 2,886 | 2,562 | 2,886 |
| Valuation gains / (loss) on investment property under construction | 175 | - | 175 | - |
| Operating profit | 1,960 | 4,074 | 7,797 | 7,498 |
| Financial income | 3 | 3 | 14 | 17 |
| Financial expenses | (413) | (286) | (1,253) | (1,100) |
| Net financing costs | (410) | (283) | (1,239) | (1,083) |
| Profit before tax | 1,550 | 3,791 | 6,558 | 6,415 |
| Income tax charge | (370) | (602) | (798) | (890) |
| Profit for the period | 1,180 | 3,189 | 5,760 | 5,525 |
| Other comprehensive income to be reclassified to profit or loss in subsequent periods | ||||
| Net gains (losses) on cash flow hedges | (48) | (37) | (113) | (23) |
| Income tax relating to net gains (losses) on cash flow hedges | 19 | 7 | 18 | 18 |
| Other comprehensive income/ (expense), net of tax, to be reclassified to profit or loss in subsequent periods | (29) | (30) | (95) | (5) |
| Total comprehensive income/ (expense) for the period, net of tax | 1,151 | 3,159 | 5,665 | 5,520 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Euro ‘000 | 31.12.2016 | 31.12.2015 |
| Non-current assets | ||
| Investment properties | 141,740 | 86,810 |
| Investment property under construction | 1,580 | - |
| Other non-current assets | 288 | 263 |
| Total non-current assets | 143,608 | 87,073 |
| Current assets | ||
| Trade and other receivables | 1,277 | 840 |
| Prepayments | 178 | 81 |
| Cash and cash equivalents | 9,883 | 1,677 |
| Total current assets | 11,338 | 2,598 |
| Total assets | 154,946 | 89,671 |
| Equity | ||
| Paid in capital | 66,224 | 25,674 |
| Cash flow hedge reserve | (294) | (199) |
| Retained earnings | 10,887 | 6,218 |
| Total equity | 76,817 | 31,693 |
| Non-current liabilities | ||
| Interest bearing loans and borrowings | 58,981 | 39,586 |
| Deferred tax liabilities | 4,383 | 3,673 |
| Derivative financial instruments | 345 | 215 |
| Other non-current liabilities | 935 | 451 |
| Total non-current liabilities | 64,644 | 43,925 |
| Current liabilities | ||
| Interest bearing loans and borrowings | 10,191 | 11,608 |
| Trade and other payables | 2,876 | 2,036 |
| Income tax payable | 46 | 112 |
| Derivative financial instruments | - | 17 |
| Other current liabilities | 372 | 280 |
| Total current liabilities | 13,485 | 14,053 |
| Total liabilities | 78,129 | 57,978 |
| Total equity and liabilities | 154,946 | 89,671 |
Additional information:
Tarmo Karotam Baltic Horizon Fund manager E-mail tarmo.karotam@nh-cap.com www.baltichorizon.com
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 14.59 EET on 17 th February 2017.
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