As at 30 June 2017 the GAV of the Fund increased to EUR 170.9 million (EUR 169.0 million as at 31 March 2017). During Q2 the Fund successfully refinanced the Domus Pro property by fully repaying the existing bank loan. The Fund used its own cash to repay the loan and agreed to draw down the new loan once the funds are needed for the new acquisitions.
As of 30 June 2017, the Fund NAV was EUR 86.2 million, compared to EUR 76.8 million as at 31 March 2017. The increase in NAV is mainly related to new capital raised during Q2 2017 and the performance of the Fund.
During Q2 2017, the Fund recorded a net profit of EUR 1,542 thousand (EUR 8 thousand during Q2 2016). The net result was positively affected by the revaluation gains and the operational performance of the properties. However, the net profit was negatively affected by the costs of the secondary public offering. During Q2 2017, the Fund incurred EUR 171 thousand of non-recurring costs related to the secondary public offering (EUR 373 thousand during H1 2017).
In Q2 2017, the net rental operating income (NOI) earned by the Group amounted to EUR 2.7 million and was higher than in Q2 2016 when the Group earned EUR 1.5 million. Compared to Q2 2016, the increase in NOI is mainly related to rental income earned by the newly acquired properties.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
|Service charge income||919||572||1,843||1,193|
|Cost of rental activities||(1,177)||(751)||(2,302)||(1,554)|
|Net rental income||2,682||1,478||5,208||2,915|
|Other operating income / (expenses)||–||78||13||78|
|Valuation gains / (loss) on investment properties||382||(441)||382||(441)|
|Valuation gains / (loss) on investment property under construction||(43)||–||(43)||–|
|Net financing costs||(441)||(249)||(732)||(525)|
|Profit before tax||1,910||68||3,428||1,047|
|Income tax charge||(368)||(60)||(936)||(175)|
|Profit for the period||1,542||8||2,492||872|
Other comprehensive income to be reclassified to profit or loss in subsequent periods
|Net gains (losses) on cash flow hedges||82||8||220||(29)|
|Termination of interest rate swap agreement||57||–||57||–|
|Income tax relating to net gains (losses) on cash flow hedges||(23)||(1)||(40)||6|
|Other comprehensive income/ (expense), net of tax, to be reclassified to profit or loss in subsequent periods||116||7||237||(23)|
|Total comprehensive income/ (expense) for the period, net of tax||1,658||15||2,729||849|
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|Investment property under construction||3,390||1,580|
|Derivative financial instruments||6||–|
|Other non-current assets||77||288|
|Total non-current assets||160,747||143,608|
|Trade and other receivables||1,282||1,269|
|Cash and cash equivalents||8,628||9,883|
|Total current assets||10,120||11,330|
|Paid in capital||75,597||66,224|
|Cash flow hedge reserve||(57)||(294)|
|Interest bearing loans and borrowings||65,932||58,981|
|Deferred tax liabilities||5,380||4,383|
|Derivative financial instruments||74||345|
|Other non-current liabilities||849||935|
|Total non-current liabilities||72,235||64,644|
|Interest bearing loans and borrowings||9,004||10,191|
|Trade and other payables||3,039||2,876|
|Income tax payable||24||46|
|Other current liabilities||337||372|
|Total current liabilities||12,404||13,485|
|Total equity and liabilities||170,867||154,938|
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: Nasdaq, 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 20:15 EET on 3rd of August 2017.