Baltic Horizon Fund · OMXTSE:NHCBHFFT
Baltic Horizon Fund — Shareholder Meeting (June 2024)
19 slides from Baltic Horizon Fund's shareholder meeting presentation, Jun 3, 2024
Slide 1: Annual General Meeting 3 June 2024
Annual General Meeting 3 June 2024 Baltic Horizon Fund
Slide 2: Baltic Horizon Fund strategic ambitions
Baltic Horizon Fund strategic ambitions Strategic targets aim to ensure the future value creation for our investors Our 6 strategic targets Occupancy Operating results >90%+ EUR 18m Portfolio occupancy Clear ESG and refurbishment by the end of 2024 strategy with an aim to reach portfolio NOI potenti
Slide 3: 2023 in a nutshell
2023 in a nutshell • Europa and Northstar new 5-year loan agreements with Šiaulių bankas in total amount of EUR 26 million is signed. Approximately EUR 17.4 million of the loan amounts will be used for refinancing the existing bank loans and the rest of the amount will be used to redeem part of Balt
Slide 4: Leasing and tenant update
Baltic Horizon Fund leasing and tenant update Leasing activity in Q1 2024 sq. m. Key Comments: 3 469 3 469 2 911 - From a lowest occupancy point in September 2023 at 77,1%, we 2 209 have signed approx. 40,000 sq. m. in lease prolongations and in 1 250 new leases over the past six months, contributin
Slide 5: Main leasing focus, property no 1: S27, Riga
Main leasing focus, property no 1 S27 (former LNK Centre), Riga, Latvia KEY PROPERTY INFORMATION Name S27 (former LNK CENTRE) NOI and Occupancy Segment Office EUR ‘000 and % Address Skanstes st. 27, Riga, Latvia 120 100% Construction / Renovation 2006 / 2014 100 80% Floors 9 Net leasable area (NLA)
Slide 6: Main leasing focus, property no 2: Europa SC, Vilnius
Main leasing focus, property no 2 Europa SC, Vilnius, Lithuania KEY PROPERTY INFORMATION Name Europa SC NOI and Occupancy Segment Retail EUR ‘000 and % Address Konstitucijos av. 7A,7B, Vilnius 200 100% Construction / Renovation 2004 / 2021 - 2022 Floors 3 160 80% Net leasable area (NLA) 17,073 SQM 1
Slide 7: Main leasing focus, property no 3: Galerija Centrs, Riga
Main leasing focus, property no 3 Galerija Centrs, Riga, Latvia KEY PROPERTY INFORMATION Name Galerija Centrs SC (GC) NOI and Occupancy Segment Retail EUR ‘000 and % Address Audēju iela 16, Rīga, Latvia 350 100% Construction / Renovation 1938 / 2006 300 Floors 5 80% 250 Net leasable area (NLA) 19,36
Slide 8: Overview of investment properties
Overview of investment properties as of 31 March 2024 NOI development Acquisition NOI Potential (full Property year 2021 2022 2023 Q1 2023 Q1 2024 occupancy) Europa SC 2015 1,006 1,028 1,508 363 278 2,580 North Star 2019 1,208 1,371 1,495 383 390 1,500 Meraki 2022 - (101) 63 62 47 1,420 Total Vilniu
Slide 9: Plan 2025 and dividend
Plan 2025 and dividend • The Fund targets to reach full stability by 2025; • Fund’s goal is to achieve a portfolio occupancy of at least 90% by end of 2024 and 95% by end of 2025; • Current monthly NOI is EUR 1 mEUR and the aim is to reach a monthly NOI of up to EUR 1,4 mEUR in 2025. At the same tim
Slide 10: Annex: 2023 and 2024 Q1 financial results
Annex 2023 and 2024 Q1 financial results
Slide 11: NOI development
NOI development As of 31 December 2023 Property Date of acquisition 2018 2019 2020 2021 2022 2023 Galerija Centrs 13 June 2019 - 2,552 3,023 1,448 2,193 2,139 Postimaja & CC Plaza complex 8 March 20131 2,447 2,495 1,932 1,805 2,044 2,126 Europa SC 2 March 2015 2,332 2,467 1,681 1,006 1,028 1,508 Nor
Slide 12: Financial results for 2023
Financial results for 2023 Profit and loss 01.01.2023- 01.01.2022- EUR ‘000 Change (%) Key comments: 31.12.2023 31.12.2022 Rental income 17,743 20,482 (13.4%) – The Group earned net rental income of EUR 14.6 Service charge income 6,008 5,974 0.6% million in 2023 (2022: EUR 17.4 million). Cost of ren
Slide 13: Financial results for 2024 Q1
Financial results for 2024 Q1 Profit and loss 01.01.2024 01.01.2023 EUR ‘000 Change (%) Key Comments: - 31.03.2024 - 31.03.2023 Rental income 3,846 5,274 (27.1%) - The Group earned net rental income of EUR 2.8 million in Service charge income 1,048 1,442 (27.3%) Q1 2024 (Q1 2023: 4.2 million). Cost
Slide 14: Financial results for 2023: financial position
Financial results for 2023 Financial position EUR ‘000 31.12.2023 31.12.2022 Key comments: Non-current assets Investment properties 250,385 333,123 – At the end of Q4 2023, the Fund’s GAV was EUR Intangible assets 11 6 261.1 million (31 December 2022: EUR 344.0 million), Property, plant and equipmen
Slide 15: Financial results for 2024 Q1: financial position
Financial results for 2024 Q1 Financial position EUR ‘000 31.03.2024 31.12.2023 Non-current assets Key Comments: Investment properties 251,331 250,385 Intangible assets 11 11 - At the end of Q1 2024, the Fund’s GAV was EUR 268.3 Property, plant and equipment 6 4 million (31 December 2023: EUR 261.1
Slide 16: Financial debt structure
Financial debt structure As of 31 December 2023 Carrying Hedged Property Maturity Currency amount (EUR % of total portion ‘000) (%) Galerija Centrs 26 August 2024 EUR 30,000 20.8% 100.0% CC Plaza and Postimaja 12 February 2026 EUR 16,727 11.6% 102.8% Europa SC 15 March 2024 EUR 8,400 5.8% 219.1% Upm
Slide 17: Financial debt structure of the Fund
Financial debt structure of the Fund As of 31 March 2024 Property Maturity Currency Carrying amount % of total Hedged portion (EUR ‘000) (%) Galerija Centrs 26 August 2024 EUR 30,000 19.8% 100.0% CC Plaza and Postimaja 12 February 2026 EUR 16,598 10.9% 0.0% Europa SC 31 January 2029 EUR 16,500 10.8%
Slide 18: 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
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