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
Euro '000 01.04.20 01.04.20 01.01.20 01.01.20 17-30.06 16-30.06 17-30.06 16-30.06 .2017 .2016 .2017 .2016 Rental income 2,940 1,657 5,667 3,276 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 Administrative expenses (670) (798) (1,400) (980) Other operating income / (expenses) - 78 13 78 Valuation gains / (loss) on investment 382 (441) 382 (441) properties Valuation gains / (loss) on investment (43) - (43) - property under construction Operating profit 2,351 317 4,160 1,572 Financial income 2 4 43 8 Financial expenses (443) (253) (775) (533) 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 57 - 57 - agreement Income tax relating to net gains (23) (1) (40) 6 (losses) on cash flow hedges Other comprehensive income/ (expense), 116 7 237 (23) net of tax, to be reclassified to profit or loss in subsequent periods Total comprehensive income/ (expense) 1,658 15 2,729 849 for the period, net of tax
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Euro '000 30.06.2017 31.12.2016 Non-current assets Investment properties 157,274 141,740 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 Current assets Trade and other receivables 1,282 1,269 Prepayments 210 178 Cash and cash equivalents 8,628 9,883 Total current assets 10,120 11,330 Total assets 170,867 154,938 Equity Paid in capital 75,597 66,224 Own units - (8) Cash flow hedge reserve (57) (294) Retained earnings 10,688 10,887 Total equity 86,228 76,809 Non-current liabilities 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 Current liabilities 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 liabilities 84,639 78,129 Total equity and liabilities 170,867 154,938
Additional information:
Tarmo Karotam Baltic Horizon Fund manager E-mail tarmo.karotam@nh-cap.com www.baltichorizon.com
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.
Attachment:
https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=640310
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
Euro '000 01.04.20 01.04.20 01.01.20 01.01.20 17-30.06 16-30.06 17-30.06 16-30.06 .2017 .2016 .2017 .2016 Rental income 2,940 1,657 5,667 3,276 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 Administrative expenses (670) (798) (1,400) (980) Other operating income / (expenses) - 78 13 78 Valuation gains / (loss) on investment 382 (441) 382 (441) properties Valuation gains / (loss) on investment (43) - (43) - property under construction Operating profit 2,351 317 4,160 1,572 Financial income 2 4 43 8 Financial expenses (443) (253) (775) (533) 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 57 - 57 - agreement Income tax relating to net gains (23) (1) (40) 6 (losses) on cash flow hedges Other comprehensive income/ (expense), 116 7 237 (23) net of tax, to be reclassified to profit or loss in subsequent periods Total comprehensive income/ (expense) 1,658 15 2,729 849 for the period, net of tax
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Euro '000 30.06.2017 31.12.2016 Non-current assets Investment properties 157,274 141,740 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 Current assets Trade and other receivables 1,282 1,269 Prepayments 210 178 Cash and cash equivalents 8,628 9,883 Total current assets 10,120 11,330 Total assets 170,867 154,938 Equity Paid in capital 75,597 66,224 Own units - (8) Cash flow hedge reserve (57) (294) Retained earnings 10,688 10,887 Total equity 86,228 76,809 Non-current liabilities 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 Current liabilities 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 liabilities 84,639 78,129 Total equity and liabilities 170,867 154,938
Additional information:
Tarmo Karotam Baltic Horizon Fund manager E-mail tarmo.karotam@nh-cap.com www.baltichorizon.com
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.
Attachment:
https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=640310