Baltic Horizon Fund · OMXTSE:NHCBHFFT
Baltic Horizon Fund — Q1 2024 Earnings Presentation
10 slides from Baltic Horizon Fund's earnings presentation, May 20, 2024
Slide 1: Quarterly webinar
Quarterly webinar Baltic Horizon Fund Confidential 20 May 2024
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: Financial results for 2024 Q1: Profit and loss
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 4: 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 5: Leasing and tenant update
Baltic Horizon Fund leasing and tenant update Leasing activity in Q1 2024 sq. m. Key Comments: 3 469 3 469 - During Q1 2024, the Fund signed new leases for 4,719 sq. m, securing an 2 911 2 209 annual rental income of EUR 857 thousand for future periods. Furthermore, we are pleased to report that 9 n
Slide 6: Portfolio summary
Baltic Horizon Fund portfolio summary The Fund is minimizing concentration risk by diversifying the client base, segment, and geographical allocation Rental concentration of the Fund’s subsidiaries Fund segment and country distribution as of 31 March 2024 as of 31 March 2024 8.8% 8.0% 3.7% Retail Es
Slide 7: 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 8: 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 9: Financing Summary
Financing Summary as of 31 March 2024 (including MEUR 4.5 repayment of Bonds) Summary of financing terms Maturity by separate loan (EUR ‘000) 59.0% 5,8% 55 000 LTV Cost of debt 45 000 35 000 Galerija 25 000 BH Bonds MEUR 42 2,1% 2.6 years Long term 15 000 CC Plaza and Postimaja Europa BH Bonds MEUR
Slide 10: Outlook for 2024 and beyond
Outlook for 2024 and beyond • The Fund is recovering from the low occupancy period in Q3 2023. • Several new anchor lease agreements have been signed and some of these new tenants start paying in Q3 2024 – Q1 2025, when they have moved in. • Refinancing of Meraki and repayment of remaining EUR 8 mil