Baltic Horizon Fund · OMXTSE:NHCBHFFT
Baltic Horizon Fund — Shareholder Meeting (June 2022)
25 slides from Baltic Horizon Fund's shareholder meeting presentation, Jun 7, 2022
Slide 1: Baltic Horizon Fund Annual General Meeting
Baltic Horizon Fund Annual General Meeting 7 June 2022
Slide 2: Agenda
Agenda 1. Presentation of the FY2021 audited annual report of Baltic Horizon Fund, and interim report of Q1 2022; 2. Presentation of the status with units traded on Nasdaq Stockholm due to Euroclear Sweden agreement termination on 30 September 2022; 3. Resolution on establishment of Baltic Horizon F
Slide 3: Agenda
Agenda 1. Presentation of the FY2021 audited annual report of Baltic Horizon Fund, and interim report of Q1 2022; 3
Slide 4: Portfolio performance
Portfolio performance As of 31 March 2022 Direct property Net initial Fair value1 NLA Property name Sector yield yield Occupancy rate (EUR ‘000) (sq. m) Q1 20222 Q1 20223 Vilnius, Lithuania Duetto I Office 17,347 8,587 8.0% 6.9% 100.0% Duetto II Office 19,683 8,674 7.6% 7.1% 100.0% Europa SC Retail
Slide 5: NOI development
NOI development As of 31 March 2022 Property Date of acquisition 2017 2018 2019 2020 2021 Q1 2021 Q1 2022 Galerija Centrs 13 June 2019 - - 2,552 3,023 1,448 284 597 Upmalas Biroji BC 30 August 2016 1,693 1,710 1,701 1,661 1,740 434 454 Postimaja & CC Plaza 8 March 20131 985 2,447 2,495 1,932 1,805 3
Slide 6: Financial summary
Financial summary The Fund aims to grow through making attractive investments for its investors while diversifying its risks geographically, across real estate segments, tenants, and debt providers. EUR 1.1114 EUR 1.1902 EUR 1.1082 EUR 1.1884 IFRS NAV per unit, 31.03.2022 EPRA NRV1 per unit, 31.03.2
Slide 7: Financial results for Q1 2022
Financial results for Q1 2022 Profit and loss EUR ‘000 Q1 2022 Q1 2021 Change (%) Key comments: Rental income 4,959 4,677 6.0% – The Group earned net rental income of Service charge income 1,304 1,217 7.1% EUR 4.2 million in both Q1 2022 and Q1 2021. The results for Q1 2021 still Cost of rental acti
Slide 8: Financial results for Q1 2022
Financial results for Q1 2022 Financial position EUR ‘000 31.03.2022 31.12.2021 Key comments: Investment properties 318,430 315,959 Investment property under construction 13,393 11,400 – At the end of Q1 2022, the Fund’s GAV Intangible assets 8 9 was EUR 345.6 million (31 December 2 2021: EUR 346.3
Slide 9: Notable events for the Fund
Notable events for the Fund On 24 January 2022, the Fund Standard and Poor’s rating has On 16 May 2022, the Fund During Jan-May 2022, the Group opened food hall Dialogai (approx. remained unchanged. On 22 April announced invitation to the annual successfully extended its Europa 900 sq. m) in Europa
Slide 10: Retail portfolio January - April
Retail portfolio January - April Footfall & turnover Pre-COVID- First COVID- Reopening with Second COVID-19 lockdown Reopening with(out) restrictions 19 19 lockdown restrictions 120,0% 100,0% 80,0% 60,0% 40,0% 20,0% 0,0% Turnover vs. 2019 Footfall vs. 2019 10
Slide 11: Baltic Horizon Fund portfolio summary
Baltic Horizon Fund portfolio summary The Fund is minimizing concentration risk by diversifying the client base, segment, and geographical allocation Net rental income by segment, Q1 2022 Rental concentration: 10 largest tenants as of 31 March 2022 Leisure 5,1% 10,2% 6,2% Retail 36,5% 5,7% EUR 4.2 m
Slide 12: Baltic Horizon Fund's development projects
Baltic Horizon Fund’s development projects Developments in Estonia & Lithuania Planning Under construction Under construction CC Plaza and Postimaja, Tallinn Europa, Vilnius Meraki, Vilnius – The first stage of the reconstruction – Refurbishment project was initiated – The building permit allows bui
Slide 13: Retail portfolio
Retail portfolio Europa SC new Foodhall Q1 2022 13
Slide 14: Retail portfolio
Retail portfolio Galerija Centrs new Foodhall Q4 2022 14
Slide 15: Financial debt structure
Financial debt structure As of 31 March 2022 Carrying amount Property Maturity % of total Fixed rate portion (EUR’000) Galerija Centrs 26 January 2024 30,000 15.1% 100.0% Europa SC 15 March 2024 17,900 9.0% 102.8% CC Plaza and Postimaja 12 February 2023 17,200 8.7% 100.0% Duetto I and II 31 March 20
Slide 16: Financing summary
Financing summary As of 31 March 2022 Summary of financing terms Maturity by separate loan (EUR ‘000) 50 000 Unsecured bonds 59.8% 2.8% LTV Cost of debt 40 000 30 000 Galerija Centrs CC Plaza and Postimaja 0.3% 1.5 years 20 000 Europa Duetto Annual debt Weighted debt Upmalas Biroji amortization matu
Slide 17: Debt capital markets
Debt capital markets high volatility due to the war and inflation – EUR swap rates are peaking – The iTraxx Xover index (reflects the performance of debt of sub-investment grade corporates in Europe) is going up – Credit premiums are significantly higher now compared to the beginning of the year • S
Slide 18: Dividend payment
Dividend payment The Fund holds a total dividend reserve of EUR 6.5 million from the pandemic period GNFC and paid-out dividend, 2016-Q1 2022, TEUR 4 000 3 500 3 000 2 500 Generated net cash 2 000 flow 1 500 CAPEX 1 000 500 Paid-out dividend 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 19: Agenda
Agenda 2. Presentation of the status with units traded on Nasdaq Stockholm due to Euroclear Sweden agreement termination on 30 September 2022; 19
Slide 20: New solution to be found for Baltic Horizon
New solution to be found for Baltic Horizon • Baltic Horizon listed in Nasdaq Stockholm from December 2016. • Current partner Nordea Finland is not strategically interested in keeping their Baltic links and sub- custody services. • As a result of Nordea’s actions Euroclear Sweden has also decided to
Slide 21: Agenda
Agenda 3. Resolution on establishment of Baltic Horizon Fund units buy-back program. 21
Slide 22: Buy-back program
Buy-back program Northern Horizon Capital AS proposes that the General Meeting resolves to establish a buy-back program of Baltic Horizon Fund and authorises Northern Horizon Capital AS (or person acting under its mandate) to acquire the fund’s own units, under the following conditions: i. The re-pu
Slide 23: Contact information
Contact information Management board message Tarmo Karotam We declare that, to the best of our knowledge, the information provided in this document is accurate and that the document is not subject to any omissions that may serve to distort the picture of the document provided. +372 50 89 044 Tarmo.K
Slide 24: Disclaimer
Disclaimer This material is provided to you for information purposes only. You should not rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever. Northern Horizon Capital AS (NHC) has taken all reasonable care to ensure that the information co
Slide 25: Northern Horizon
N KA NORTHERN HORIZON
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