Economic environment The rapid changes in the construction market due to the economic environment have continued, complicating the growth plans of companies and other related industries in the sector, and limiting their courage to act. Coping with difficult circumstances and…
On 13 October 2023 UAB Merko Statyba, part of AS Merko Ehitus group, and UAB WINDLIT entered into the contract to perform the construction of foundations for 28 wind turbines, electrical cables and roads in a windfarm located in the…
Kellelegi ei ole teadmata, et eluruumi üüritulu on tulumaksuga maksustatav. Maksustamise alla ei lähe üürniku poolt tasutud kõrvalkulud ning hoone korrashoiu- ja parenduskulud. Saadud üüritulu tuleb deklareerida hiljemalt tulu saamisele järgneva aasta aprilli lõpuks ning tulumaks tasuda 1. oktoobriks. Kui…
In Q2, Estonian GDP declined 2.9% y/y (non-adjusted) and 0.2% q/q (swda). GDP has contracted 3.3% in real terms in 1H 2023. The GDP decline has receded gradually, while the largest contraction remained in 4Q 2022. We forecast 2% GDP…
In cooperation with 1Partner Advisory (1PA), Enlight Research published equity research on EfTEN Real Estate Fund AS (EfTEN; EFT1T). The report is attached to the release and can be downloaded on the Enlight Research and EfTEN Real Estate Fund AS…
Management Board of Northern Horizon Capital AS has approved the unaudited consolidated interim financial statements of Baltic Horizon Fund (the Fund) for the six months of 2023. Property valuations In June 2023, the portfolio valuations were conducted by the independent…
The dynamics of the construction market reflect the ongoing economic downturn and uncertainty about the future. Although the increase in the construction price index slowed in the second quarter of this year and the construction price index fell by 0.5%…
COMMENTARY FROM MANAGEMENT Q2 2023 revenue for Merko Ehitus was EUR 142 million and the H1 figure was EUR 217 million. Net profit in Q2 was EUR 13.6 million and net profit for the last six months was EUR 19.4…
In Q2 2023, GDP dropped 3% y/y and 0.3% q/q (both swda) in real terms, according to the flash estimate of Statistics Estonia. GDP contraction in Q2 was below our expectations. However, the economic contraction is receding gradually. Estonian economy…
A 25bp hike and an end to APP reinvestments Another and possibly final hike in July Governing council served no surprises in today’s policy decision meeting. All key policy rates were increased by 25 basis points (bp). The council signaled…
Housing affordability kept decreasing; housing became unaffordable in Vilnius Apartment sales were down, but prices were sticky The rapid increase in wages was insufficient to counter the negative impact of high interest rates and still-elevated prices. As a result, housing…
On May 10, 2023, Hepsor Latvia OÜ, a subsidiary of Hepsor AS, signed a sales agreement for shares of Hepsor U30 SIA with the real estate fund East Capital Real Estate IV. The debt-free value of the company agreed upon…
Northern Horizon Capital AS invites Baltic Horizon Fund unit-holders and Swedish Depositary Receipt (hereinafter the “SDR”) holders (hereinafter together the “Investors”) to attend an annual General Meeting (hereinafter the “General Meeting”) of Baltic Horizon Fund on 2 June 2023 at…
Management Board of Northern Horizon Capital AS has approved the unaudited consolidated interim financial statements of Baltic Horizon Fund (the Fund) for the three months of 2023. Net result and net rental income The Group recorded a net profit of…
COMMENTARY FROM MANAGEMENT Q1 2023 revenue for Merko Ehitus was EUR 76 million, representing 11% growth compared to the same period a year ago. Net profit for the first quarter was EUR 5.9 million – nearly double that of Q1…
