Baltic Horizon Fund · OMXTSE:NHCBHFFT
Baltic Horizon Fund — H1 2022 Earnings Presentation
22 slides from Baltic Horizon Fund's earnings presentation, August 2022
Slide 1: Baltic Horizon Fund Webinar August 2022
Baltic Horizon Fund Webinar August 2022
Slide 2: Notable events for the Fund in H1 2022
Notable events for the Fund in H1 2022 By summer 2022, the Standard and Poor’s rating has On 16 May 2022, the Fund During Jan-May 2022, the Group reconstruction works in Europa remained unchanged. On 22 April announced invitation to the annual successfully extended its Europa have mainly been finish
Slide 3: Key Performance Indicators
- 1 000 1 500 2 000 2 500 3 000 3 500 4 000 500 91% 92% 93% 94% 96% 97% 98% 99% 95% 100% 2016-09 2021-01 2016-12 2017-03 2021-02 Not due 2017-06 2021-03 2017-09 2017-12 2021-04 2018-03 2018-06 2021-05 2018-09 2021-06 1 - 30 days Occupancy (quarterly) 2018-12 2019-03 2021-07 2019-06 2019-09 2021-08 T
Slide 4: Valuations as of June 2022
VALUATIONS AS OF 30 JUNE 2022 Key comments: EUR ‘000 Sector 2022.06.30 2021.12.31 Diff. (EUR) Diff. (%) Duetto I Office 18,525 17,345 1,180 6.80% ➢ As of 30 June 2022, the fair value Duetto II Office 20,253 19,683 570 2.90% of the Baltic Horizon Fund portfolio Europa SC Retail 38,757 36,737 2,020 5.
Slide 5: 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, H1 2022 Rental concentration: 10 largest tenants as of 30 June 2022 Retail 10,2% 37,1% 6,4% Leisure 5,6% 5,7% EUR 8.7 m
Slide 6: Portfolio performance
Portfolio performance As of 30 June 2022 Direct property Net initial Fair value1 NLA Property name Sector yield yield Occupancy rate (EUR ‘000) (sq. m) Q2 20222 Q2 20223 Vilnius, Lithuania Duetto I Office 18,525 8,587 7.7% 6.5% 100.0% Duetto II Office 20,253 8,674 7.7% 7.1% 100.0% Europa SC Retail 3
Slide 7: NOI development
NOI development As of 30 June 2022 Property Date of acquisition 2017 2018 2019 2020 2021 H1 2021 H1 2022 Galerija Centrs 13 June 2019 - - 2,552 3,023 1,448 819 1,179 Postimaja & CC Plaza 8 March 20131 985 2,447 2,495 1,932 1,805 796 1,049 complex Upmalas Biroji BC 30 August 2016 1,693 1,710 1,701 1,
Slide 8: Baltic Horizon Fund's development projects
Baltic Horizon Fund’s development projects Developments in Lithuania Under construction Under construction Europa, Vilnius Meraki, Vilnius – Refurbishment project was initiated with the aim of – The building permit allows building approx. 15,800 sq. m of introducing a new concept that would meet gro
Slide 9: Baltic Horizon Fund's development projects
Baltic Horizon Fund’s development projects Developments in Latvia & Estonia Planning Planning CC Plaza and Postimaja, Tallinn Galerija Centrs, Riga – The first stage of the reconstruction project – Reval Café – The Fund approved the refreshed concept of the food hall on terrace construction – has be
Slide 10: Retail portfolio
Retail portfolio Europa SC concept upgrade finished 10
Slide 11: Retail portfolio
Retail portfolio Galerija Centrs new Foodhall Q4 2022 11
Slide 12: 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 1.1215 EUR 1.2016 EUR 1.1082 EUR 1.1884 IFRS NAV per unit, 30.06.2022 EPRA NRV1 per unit, 30.06.2
Slide 13: Financial results for H1 2022
Financial results for H1 2022 Profit and loss EUR ‘000 H1 2022 H1 2021 Change (%) Key comments: Rental income 10,070 9,512 5.9% – The Group recorded a net profit of EUR Service charge income 2,645 2,426 4.2 million for H1 2022 against a net loss 9.0% of EUR 9.2 million for H1 2021. The net Cost of r
Slide 14: Financial results for H1 2022
Financial results for H1 2022 Financial position EUR ‘000 30.06.2022 31.12.2021 Key comments: Investment properties 320,029 315,959 Investment property under construction 15,620 11,400 – At the end of H1 2022, the Fund’s GAV Intangible assets 8 9 was EUR 347.5 million (31 December Property, plant an
Slide 15: Historic Euribor
Historic Euribor 1999-2022 Source: euribor-rates.eu 15
Slide 16: Financial debt structure
Financial debt structure As of 30 June 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%1 Duetto I and II 31 March 20
Slide 17: Financing summary
Financing summary As of 30 June 2022 Summary of financing terms Maturity by separate loan (EUR ‘000) 55 000 BH Bonds MEUR 59.1% 2.8% 45 000 50 LTV Cost of debt 35 000 Galerija 25 000 CC Plaza and Postimaja Europa 0.3% 1.3 years 15 000 Lincona Duetto II Upmala Biroji Domus Pro LNK Vainodes Annual deb
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-Q2 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: Plans for 2022-2023
Plans for 2022-2023 Galerija Centrs food hall concept • Refinancing of EUR 100 m+ loans and bonds • Meraki 1st tower finished and commissioned. Continue to search for anchor tenant. o Final completion of Europa reconstruction in Q3 (expectation on 90%+ occupancy and improved NOI) o Capital investmen
Slide 20: 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 21: 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 22: Northern Horizon
N KA NORTHERN HORIZON