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 17th February 2017.