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GlobeNewswire
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Baltic Horizon Fund / Northern Horizon Capital: Baltic Horizon Fund consolidated un-audited results for Q4 2017

At the end of Q4 2017, the GAV increased by 31.8% from EUR 169.7 million to EUR
215.8 million as compared to the end of Q3 2017. During the quarter, the Group
closed Vainodes I acquisition and raised additional gross equity of EUR 17
million through a secondary public offering in November. 

In Q4 2017, the Fund NAV increased from EUR 86.7 million to EUR 107 million.
The increase is related to new equity raised in November and the Group's
operational performance over the quarter. The Fund also made a EUR 1.3 million
cash distribution to its unitholders (EUR 0.020 per unit). 

In Q4 2017, the Fund earned a net profit of EUR 5,277 thousand (EUR 1,180
thousand during Q4 2016). During Q4 2017, the Fund's performance was positively
affected by year-end valuations. During the quarter, the Fund recorded a fair
value gain of EUR 3,337 thousand. Last year, the Fund's investment property
valuations were mainly performed in Q3 2016. Starting from 2017 onwards
properties are being revalued every 6 months, in June and December. 

In Q4 2017, the Fund recorded a EUR 2.9 million NOI (EUR 2.3 million in Q4
2016). The increase is related to new acquisitions that were made following the
capital raisings at the end of 2016 and the beginning of 2017. The Fund has
completed the acquisition of Postimaja Shopping Centre on 13th of February 2018
and thus has deployed majority of the new capital raised in November 2017. 

Quarterly Key Figures

Euro '000                                          Q4 2017  Q4 2016  Change (%)
-------------------------------------------------------------------------------
                                                                               
Rental income                                        3,217    2,540       26.7%
Service charge income                                1,029      784       31.3%
Cost of rental activities                          (1,324)  (1,014)       30.6%
-------------------------------------------------------------------------------
Net rental income                                    2,922    2,310       26.5%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
                                                                               
Expenses related to public offerings                 (203)    (313)     (35.1)%
Administrative expenses                              (636)    (415)       53.3%
Other operating income / (expenses)                   (63)        2   (>100.0)%
Valuation gains / (loss) on investment properties    3,337      376      787.5%
Operating profit                                     5,357    1,960      173.3%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
                                                                               
Financial income                                         2        3     (33.3)%
Financial expenses                                   (405)    (413)      (1.9)%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net financing costs                                  (403)    (410)      (1.7)%
                                                                               
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit before tax                                    4,954    1,550      219.6%
Income tax charge                                      323    (370)    (187.3)%
-------------------------------------------------------------------------------
Profit for the period                                5,277    1,180      347.2%
-------------------------------------------------------------------------------

Weighted average number of units outstanding  62,270,694  47,350,881   31.5%
Earnings per unit (EUR)                             0.08        0.02  300.0%

Euro '000                   31.12.2017  31.12.2016  Change (%)
--------------------------------------------------------------
                                                              
Investment property in use     189,317     141,740       33.6%
Gross asset value (GAV)        215,785     154,938       39.3%
                                                              
Interest bearing loans          98,087      69,172       41.8%
Total liabilities              108,809      78,129       39.3%
                                                              
Net asset value (NAV)          106,976      76,809       39.3%
--------------------------------------------------------------

Number of units outstanding           77,440,638  57,264,743  35.2%
Net asset value (NAV) per unit (EUR)      1.3814      1.3413   3.0%
Loan-to-Value ratio (LTV)                  51.8%       48.8%       
Average effective interest rate             1.7%        1.8%       

Investment properties PERFORMANCE as of 31 DECEMBER 2017

During Q4 2017, the average actual occupancy of the portfolio was 96.6% (Q3
2017: 97.5%). When all rental guarantees are considered, the effective
occupancy rate is 97.2% (Q3 2017: 98.0%). Average direct property yield during
Q4 was 7.1% (Q3 2017: 7.2%). The net initial yield for the whole portfolio for
Q4 2017 was 6.7% (Q3 2017: 6.9%). 

Property    City   Countr   Market   NLA      Direct       Net       Occupancy  
 name                 y     value1           property    initial    rate for Q4 
                           Euro'00             yield      yield         2017    
                              0                                                 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Duetto I   Vilniu  Lithua   16,210   8,327        6.5%       6.4%        100.0%2
              s     nia                                                         
Pirita SC  Tallin  Estoni   11,630   5,436        7.4%       7.8%        100.0%2
              n       a                                                         
Upmalas     Riga   Latvia   24,269  10,419        6.9%       6.7%          99.8%
 Biroji                                                                         
 BC                                                                             
G4S        Tallin  Estoni   16,570   8,363        7.4%       7.0%         100.0%
 Headquar     n       a                                                         
ters                                                                            
Europa SC  Vilniu  Lithua   39,600  16,856        6.9%       6.5%          95.5%
              s     nia                                                         
Domus Pro  Vilniu  Lithua   17,280  11,247        8.4%       6.9%          98.0%
 Retail       s     nia                                                         
Domus Pro  Vilniu  Lithua    7,150   4,759       3.9%3       2.8%          73.4%
 Office       s     nia                                                         
CC Plaza   Tallin  Estoni   13,240   8,664        8.3%       7.5%         100.0%
              n       a                                                         
Sky SC      Riga   Latvia    5,448   3,263        8.4%       7.5%          99.3%
Lincona    Tallin  Estoni   16,050  10,859        7.6%       7.3%          94.1%
              n       a                                                         
Vainodes    Riga   Latvia   21,870   8,052       4.3%3       4.2%         100.0%
 I                                                                              
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total                      189,317  96,245        7.1%       6.7%          97.2%
 portfoli                                                                       
o                                                                               

  1. Based on the latest valuation as at 31 December 2017.
  2. Effective occupancy rate is 100% due to a rental guarantee. 
  3. Domus Pro stage III was opened in October, however, it was not fully
     occupied during Q4 2017. It is expected to be fully occupied by the end of
     Q1 2018. The property development yield and annualized direct property
     yield is 7.9%.
  4. Vainodes I acquisition was closed on 12 December 2017. The annualized
     direct property yield is 7.0%.

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Euro '000                                     Q4 2017  Q4 2016      12M      12M
                                                                   2017     2016
--------------------------------------------------------------------------------
                                                                                
Rental income                                   3,217    2,540   11,839    7,874
Service charge income                           1,029      784    3,692    2,594
Cost of rental activities                     (1,324)  (1,014)  (4,763)  (3,315)
--------------------------------------------------------------------------------
Net rental income                               2,922    2,310   10,768    7,153
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
                                                                                
Administrative expenses                         (839)    (728)  (2,774)  (2,190)
Other operating income / (expenses)              (63)        2       14       97
Valuation gains / (loss) on investment          3,337      376    3,676    2,737
 properties                                                                     
Operating profit                                5,357    1,960   11,684    7,797
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
                                                                                
Financial income                                    2        3       47       14
Financial expenses                              (405)    (413)  (1,528)  (1,253)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net financing costs                             (403)    (410)  (1,481)  (1,239)
                                                                                
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit before tax                               4,954    1,550   10,203    6,558
Income tax charge                                 323    (370)    (759)    (798)
--------------------------------------------------------------------------------
Profit for the period                           5,277    1,180    9,444    5,760
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
                                                                                
Net gains (losses) on cash flow hedges            148     (48)      274    (113)
Termination of interest rate swap agreement         -        -       57        -
 reclassified to profit or loss                                                 
Recognition of initial interest rate cap         (43)        -     (43)        -
 costs                                                                          
Income tax relating to net gains (losses) on     (18)       19     (50)       18
 cash flow hedges                                                               
--------------------------------------------------------------------------------
Other comprehensive income/ (expense), net         87     (29)      238     (95)
 of tax, that is or may be reclassified to                                      
 profit or loss in subsequent periods                                           
                                                                                
--------------------------------------------------------------------------------
Total comprehensive income/ (expense) for       5,364    1,151    9,682    5,665
 the period, net of tax                                                         
--------------------------------------------------------------------------------
                                                                                
--------------------------------------------------------------------------------
Basic and diluted earnings per unit (Euro)       0.08     0.02     0.15     0.12
--------------------------------------------------------------------------------

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Euro '000                               31.12.2017  31.12.2016
--------------------------------------------------------------
                                                              
Non-current assets                                            
Investment properties                      189,317     141,740
Investment property under construction           -       1,580
Derivative financial instruments                89           -
Other non-current assets                       146         288
--------------------------------------------------------------
Total non-current assets                   189,552     143,608
--------------------------------------------------------------
--------------------------------------------------------------
                                                              
Current assets                                                
Trade and other receivables                  1,568       1,269
Prepayments                                    108         178
Cash and cash equivalents                   24,557       9,883
--------------------------------------------------------------
Total current assets                        26,233      11,330
--------------------------------------------------------------
Total assets                               215,785     154,938
--------------------------------------------------------------
--------------------------------------------------------------
                                                              
Equity                                                        
Paid in capital                             91,848      66,224
Own units                                        -         (8)
Cash flow hedge reserve                       (56)       (294)
Retained earnings                           15,184      10,887
--------------------------------------------------------------
Total equity                               106,976      76,809
--------------------------------------------------------------
--------------------------------------------------------------
                                                              
Non-current liabilities                                       
Interest bearing loans and borrowings       96,497      58,981
Deferred tax liabilities                     5,206       4,383
Derivative financial instruments                88         345
Other non-current liabilities                  859         935
--------------------------------------------------------------
Total non-current liabilities              102,650      64,644
--------------------------------------------------------------
--------------------------------------------------------------
                                                              
Current liabilities                                           
Interest bearing loans and borrowings        1,590      10,191
Trade and other payables                     4,202       2,876
Income tax payable                              14          46
Derivative financial instruments                15           -
Other current liabilities                      338         372
--------------------------------------------------------------
Total current liabilities                    6,159      13,485
--------------------------------------------------------------
Total liabilities                          108,809      78,129
--------------------------------------------------------------
Total equity and liabilities               215,785     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 an alternative investment fund manager license holder Northern
Horizon Capital AS. 

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
15:01 EET on 15 February 2018.

Attachment:
https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=663895
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