Northern Horizon Capital AS Management Board has confirmed 2016 financial results of Baltic Horizon Fund
Management Board of Northern Horizon Capital AS has approved the audited financial results of Baltic Horizon Fund (the Fund) for the year 2016. The financial results remained unchanged compared to the preliminary disclosure on 17th of February 2017.
As at 31 December 2016 the gross asset value (GAV) of the Fund increased to EUR 154.9 million (EUR 89.7 million as at 31 December 2015). The increase is mainly related to new acquisitions during the year and the increase in cash as a result of the second public offering of the Fund units.
As of 31 December 2016, the Fund’s net asset value (NAV) was EUR 76.8 million, compared to EUR 31.7 million as at 31 December 2015. The increase in NAV is mainly related to the new capital raised during the initial and second public offerings (approx. EUR 40.5 million net of subscription fees) and the performance of the Fund.
During 2016, the Fund recorded a net profit of EUR 5.8 million (EUR 5.5 million during 2015) which had a positive effect on the Fund NAV. The net result was positively affected by the revaluation gains and the operational performance of the properties. On the other hand, the net profit was notably affected by the costs related to the initial and secondary public offerings (in total EUR 938 thousand).
In 2016, the net rental operating income (NOI) earned by the Fund amounted to EUR 7.2 million and was higher than in 2015 when the Fund earned EUR 5.3 million.
Baltic Horizon Fund manager