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.
Audited financial results for the year 2016 have been included as an attachment to current announcement.
Baltic Horizon Fund manager
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.
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 18:40 EET on 31st March 2017.