Market announcement
Hepsor AS
LEI code
254900NNCQC3L9WR9P45
Size of the entity
Medium group
Economic activities
Professional, Scientific and Technical Activities
Industry sector(s)
Alternative Investment Fund Manager
Country of registered office
Estonia
General information
Categories
Half-yearly financial report
Unique data record identifier
10496
Attachments
Submission date and time
26.07.2023 05:00:00
Content of announcement in Estonian
Title
Hepsor ASi 2023. aasta II kvartali ja 6 kuu konsolideeritud auditeerimata vahearuanne
Message
Hepsori 2023. aasta II kvartali konsolideeritud müügitulu ulatus 14,6 miljoni euroni ja puhaskasumiks kujunes 3,5 miljonit eurot (sh emaettevõtte omanikele kuuluv osa 1,6 miljonit eurot). 2023. aasta I poolaasta konsolideeritud müügitulu kokku oli kokku 20,6 miljonit eurot ja puhaskasum 3,6 miljonit eurot (sh emaettevõtte omanikele kuuluv osa 1,8 miljonit eurot). 2023. aasta II kvartalis müüs kontsern kokku 90 korterit, sellest 8 korterit Tallinnas, Paevälja Hoovimajade arendusprojektis ja 82 korterit Lätis, Riias- aadressil Gregora iela 2a, Kuldigas Parks arendusprojektis anti klientidele üle 53 korterit, M?rupes D?rzs arendusprojektis anti klientidele üle 28, aadressil Liela 45, asuvat korterit ja Strelnieku 4b arendusprojektis üks korter. Teises kvartalis müüdi ühtlasi Tooma tn 2, Tooma tn 4 ja Tooma tn 6 kinnistud Tallinnas. 2023. aasta I poolaastal sõlmiti kokku 195 asjaõiguslepingut, mille alusel anti koduostjatele üle kokku 124 uut kodu. M?rupes D?rzs ja Kuldigas Parks projektide valmimine jäi II kvartali lõppu ning 71 kodu asjaõiguslepingud olid küll sõlmitud, kuid kodud olid perioodi lõpu seisuga veel ostjatele üle andmata ja ei kajastu seetõttu perioodi müügitulus. Kuldigas Parks ja M?rupes D?rzs projektide asjaõiguslepingute sõlmimine ning kodude üleadmine jätkub 2023. aasta kolmandas kvartalis. Kontserni müügitulu ja kasum sõltuvad otseselt projektide arendustsüklist, mis kestab ligikaudu 24-36 kuud. Müügitulu tekib alles tsükli lõpus. Arendustsükli pikkusest ja arenduse algusest sõltuvalt võib ühes kvartalis lõppeda rohkem projekte kui teises ja kvartalid võivad nii kasumi kui ka müügitulu poolest üksteisest olulisel määral erineda. Seetõttu võib nii majandusaasta lõikes tervikuna kui ka kvartalite lõikes olla mõni aasta või kvartal nõrgem ja teine oluliselt tugevam. Hindamaks kinnisvaraarendusega tegeleva ettevõtte jätkusuutlikkust ja majandustulemusi tervikpildis, on kontserni tulemuste paremaks hindamiskriteeriumiks ettevõtte arendusprojektide portfell ning kolme aasta keskmised majandusaasta tulemused. Hepsoril on 30. juuni 2023. seisuga Eestis ja Lätis ehituses neli elukondlikku arendusprojekti, milles valmib kokku 319 uut korterit ja 453 m2 äripindasid. Peale kahe projekti valmimist esimesel poolaastal on Riias ehituses ja müügis Nameja Rezidence arendusprojekt, milles valmib kokku 38 kodu ning millest 10 korterile on sõlmitud võlaõigus- ja broneerimislepingud (26%). Tallinnas on ehituses ja müügis kolm arendusprojekti kokku 281 uue korteri ja 453 m2 äripindadega- Ojakalda kodud, Lilleküla kodud ja Manufaktuuri 7, millest 30. juuni 2023 seisuga on võlaõigus- ja broneerimislepingud sõlmitud kokku 77 korterile (27%). Hepsori juhatuse liikme Henri Laksi sõnul oli 2023. aasta II kvartal kinnisvarasektoris üsna ootuspärane. ?Positiivse arenguna saab välja tuua energiahindade ning inflatsiooni stabiliseerumise, mis loovad eeldused kinnisvaraturu nõudluse taastumiseks. Samas jätkus euribori tõus, mis mõjutab vahetult leibkondade ja koduostjate igakuiseid eluasemekulusid ning sunnib kinnisvara ostuotsuste tegemisel hoidma konservatiivset joont. Tallinna uusarenduste turu tehinguaktiivsus tõusis mõningal määral teises kvartalis kuid on jätkuvalt alla varasema pikaajalise keskmise. Riias püsib tehinguaktiivus tavapärasel tasemel." ütles Laks. Ärikinnisvara turul on samuti tehinguaktiivsus Baltikumis pigem madal, kuid Hepsori vaates saab positiivsena välja tuua märgilise tehingu, mille käigus müüdi 2023. aasta teises kvartalis Lätis, Riias, Hepsor U30 SIA osade müügi teel 3 642 m(2) üüripinnaga stock-office tüüpi ärihoone nimega StokOfiss U30 kogenenud varahaldusettevõttele. Aruandeperioodil päädis töö Kanada turule sisenemise nimel esimese investeeringu tegemisega Torontos, kus koos Kanada partneritega osteti elukondlikuks arenduseks sobiv kinnistu aadressil 3406-3434 Weston road. Kinnistu arendamiseks asutati ettevõte Weston Limited Partnership, milles lisaks Hepsorile ja tema Kanada koostööpartneritele osalevad veel ka erinevad Kanada ja Euroopa investorid. Soetatud arendusprojekti esimese faasi eesmärgiks on kinnistu ehitusmahtude tõstmine 27 000 m2-ilt ca 53 000 m2-ni ning ehitusõiguse saamine kahe kortermaja loomiseks. Maa väärtustamise faas võtab eelduslikult aega 2-2,5 aastat, misjärel saab Weston Limited Partnership otsustada, kas selleks hetkeks loodud täiendav väärtus realiseeritakse läbi kinnistu edasimüügi või liigutakse projektiga edasi ehitusfaasi. 2023. aastaks prognoosib Hepsor müügituluks 41,3 miljonit eurot, puhaskasumiks 3,3 miljonit eurot ning sellest emaettevõtte osanikele kuuluvaks puhaskasumiks 1,1 miljonit eurot. Kontserni 2023. aasta esimese poolaasta müügitulemused näitavad, et ettevõte liigub õigel kursil 2023. aasta prognooside täitmiseks. Konsolideeritud finantsseisundi aruanne +---------------------------------------------+----------+----------+----------+ |tuhandetes eurodes |30.06.2023|31.12.2022|30.06.2022| +---------------------------------------------+----------+----------+----------+ | | | | | +---------------------------------------------+----------+----------+----------+ |Varad | | | | +---------------------------------------------+----------+----------+----------+ |Käibevarad | | | | +---------------------------------------------+----------+----------+----------+ |Raha ja raha ekvivalendid | 8 304| 3 754| 4 361| +---------------------------------------------+----------+----------+----------+ |Nõuded ja ettemaksed | 1 372| 1 731| 576| +---------------------------------------------+----------+----------+----------+ |Lühiajalised laenunõuded | 311| 0| 279| +---------------------------------------------+----------+----------+----------+ |Varud | 68 776| 69 760| 56 128| +---------------------------------------------+----------+----------+----------+ |Käibevarad kokku | 78 763| 75 245| 61 344| +---------------------------------------------+----------+----------+----------+ |Põhivarad | | | | +---------------------------------------------+----------+----------+----------+ |Materiaalne põhivara | 233| 232| 260| +---------------------------------------------+----------+----------+----------+ |Immateriaalne põhivara | 5| 7| 3| +---------------------------------------------+----------+----------+----------+ |Finantsinvesteeringud | 2| 2| 2| +---------------------------------------------+----------+----------+----------+ |Investeeringud sidusettevõtetesse | 912| 1 086| 0| +---------------------------------------------+----------+----------+----------+ |Pikaajalised laenunõuded | 3 233| 1 766| 2 308| +---------------------------------------------+----------+----------+----------+ |Muud pikaajalised nõuded | 136| 30| 380| +---------------------------------------------+----------+----------+----------+ |Põhivarad kokku | 4 521| 3 123| 2 953| +---------------------------------------------+----------+----------+----------+ |Varad kokku | 83 284| 78 368| 64 297| +---------------------------------------------+----------+----------+----------+ |Kohustised ja omakapital | | | | +---------------------------------------------+----------+----------+----------+ |Lühiajalised kohustised | | | | +---------------------------------------------+----------+----------+----------+ |Lühiajalised laenukohustised | 11 056| 22 565| 2 472| +---------------------------------------------+----------+----------+----------+ |Lühiajalised rendikohustised | 64| 46| 64| +---------------------------------------------+----------+----------+----------+ |Ettemaksed klientidelt | 3 748| 3 054| 2 453| +---------------------------------------------+----------+----------+----------+ |Võlad tarnijatele ja muud võlad | 8 570| 4 007| 3 959| +---------------------------------------------+----------+----------+----------+ |Edasilükkunud tulumaksukohustis | 0| 0| 8| +---------------------------------------------+----------+----------+----------+ |Lühiajalised kohustised kokku | 23 438| 29 672| 8 956| +---------------------------------------------+----------+----------+----------+ |Pikaajalised kohustised | | | | +---------------------------------------------+----------+----------+----------+ |Pikaajalised laenukohustised | 35 144| 26 015| 34 641| +---------------------------------------------+----------+----------+----------+ |Pikaajalised rendikohustised | 68| 68| 66| +---------------------------------------------+----------+----------+----------+ |Muud pikaajalised kohustised | 2 442| 2 290| 1 762| +---------------------------------------------+----------+----------+----------+ |Pikaajalised kohustised kokku | 37 654| 28 373| 36 469| +---------------------------------------------+----------+----------+----------+ |Kohustised kokku | 61 092| 58 045| 45 425| +---------------------------------------------+----------+----------+----------+ |Omakapital | | | | +---------------------------------------------+----------+----------+----------+ |Aktsiakapital | 3 855| 3 855| 3 855| +---------------------------------------------+----------+----------+----------+ |Ülekurss | 8 917| 8 917| 8 917| +---------------------------------------------+----------+----------+----------+ |Reservkapital | 385| 0| 0| +---------------------------------------------+----------+----------+----------+ |Jaotamata kasum | 9 035| 7 551| 6 100| +---------------------------------------------+----------+----------+----------+ |Omakapital kokku | 22 192| 20 323| 18 872| +---------------------------------------------+----------+----------+----------+ |sh emaettevõtte omanikele kuuluv omakapital | | | | |kokku | 21 709| 19 866| 18 345| +---------------------------------------------+----------+----------+----------+ |sh vähemusosanikele kuuluv omakapital kokku | 483| 457| 527| +---------------------------------------------+----------+----------+----------+ |Kohustised ja omakapital kokku | 83 284| 78 368| 64 297| +---------------------------------------------+----------+----------+----------+ Konsolideeritud koondkasumi aruanne +--------------------------+-----------+-----------+-------------+-------------+ |tuhandetes eurodes | | | II kvartal| II kvartal| | |6 kuud 2023|6 kuud 2022| 2023| 2022| +--------------------------+-----------+-----------+-------------+-------------+ | | | | | | +--------------------------+-----------+-----------+-------------+-------------+ |Müügitulu | 20 590| 3 954| 14 615| 2 682| +--------------------------+-----------+-----------+-------------+-------------+ |Müüdud kaupade ja teenuste| | | | | |kulu (-) | -15 799| -3 752| -10 759| -2 586| +--------------------------+-----------+-----------+-------------+-------------+ |Brutokasum | 4 791| 202| 3 856| 96| +--------------------------+-----------+-----------+-------------+-------------+ |Turustuskulud (-) | -268| -173| -197| -78| +--------------------------+-----------+-----------+-------------+-------------+ |Üldhalduskulud (-) | -787| -537| -440| -209| +--------------------------+-----------+-----------+-------------+-------------+ |Muud äritulud | 82| 47| 62| 37| +--------------------------+-----------+-----------+-------------+-------------+ |Muud ärikulud (-) | -92| -39| -69| -32| +--------------------------+-----------+-----------+-------------+-------------+ |Ärikasum/-kahjum | 3 726| -500| 3 212| -186| +--------------------------+-----------+-----------+-------------+-------------+ |Finantstulud | 1 046| 567| 996| 58| +--------------------------+-----------+-----------+-------------+-------------+ |Finantskulud (-) | -1 184| -312| -759| -144| +--------------------------+-----------+-----------+-------------+-------------+ |Kasum enne tulumaksu | 3 588| -245| 3 449| -272| +--------------------------+-----------+-----------+-------------+-------------+ |Tasumisele kuuluv tulumaks| | | | | |(-) | 0| -5| 0| 0| +--------------------------+-----------+-----------+-------------+-------------+ |Edasilükkunud tulumaks (-)| 0| -8| 0| -8| +--------------------------+-----------+-----------+-------------+-------------+ |Aruandeperioodi puhaskasum| 3 588| -258| 3 449| -280| +--------------------------+-----------+-----------+-------------+-------------+ | Emaettevõtte omanikele| | | | | |kuuluv osa puhaskasumis | 1 803| -273| 1 563| -278| +--------------------------+-----------+-----------+-------------+-------------+ | Vähemusosalusele | | | | | |kuuluv osa puhaskasumis/- | | | | | |kahjumis | 1 785| 15| 1 886| -2| +--------------------------+-----------+-----------+-------------+-------------+ | | | | | | +--------------------------+-----------+-----------+-------------+-------------+ | Muu koondkasum/- kahjum | | | | | +--------------------------+-----------+-----------+-------------+-------------+ |Omanikuvahetusega seotud | | | | | |muutused | 68| 135| 68| 0| +--------------------------+-----------+-----------+-------------+-------------+ |Vähemusosaluse varjatud | | | | | |tuletisinstrumentide | | | | | |väärtuse muutus | -1 787| -13| -1 795| -31| +--------------------------+-----------+-----------+-------------+-------------+ |Aruandeperioodi muu | | | | | |koondkasum kokku | -1 719| 122| -1 727| -31| +--------------------------+-----------+-----------+-------------+-------------+ | Emaettevõtte omanikele| | | | | |kuuluv osa muu | | | | | |koondkasumis/-kahjumis | 40| -286| 54| -200| +--------------------------+-----------+-----------+-------------+-------------+ | Vähemusosalusele | | | | | |kuuluv osa koondkasumis | -1 759| 408| -1 781| 169| +--------------------------+-----------+-----------+-------------+-------------+ | | | | | | +--------------------------+-----------+-----------+-------------+-------------+ |Aruandeperioodi koondkasum| | | | | |kokku | 1 869| -136| 1 722| -311| +--------------------------+-----------+-----------+-------------+-------------+ | Emaettevõtte omanikele| | | | | |kuuluv osa koondkasumis/- | | | | | |kahjumis | 1 843| -559| 1 617| -478| +--------------------------+-----------+-----------+-------------+-------------+ | Vähemusosalusele | | | | | |kuuluv osa koondkasumis/- | | | | | |kahjumis | 26| 423| 105| 167| +--------------------------+-----------+-----------+-------------+-------------+ |Kasum aktsia kohta | | | | | +--------------------------+-----------+-----------+-------------+-------------+ | Tava (eurot aktsia | | | | | |kohta) | 0,47| -0,07| 0,41| -0,07| +--------------------------+-----------+-----------+-------------+-------------+ | Lahustatud (eurot | | | | | |aktsia kohta) | 0,47| -0,07| 0,41| -0,07| +--------------------------+-----------+-----------+-------------+-------------+ Henri Laks Juhatuse liige Telefon: +372 5693 9114 e-post: [email protected] (mailto:[email protected]) Hepsor AS (www.hepsor.ee (http://www.hepsor.ee/)) on üks kiiremini kasvavaid elu- ja ärikondliku kinnisvara arendajaid Eestis ja Lätis, kes tegutseb alates 2023. aastast ka Kanada kinnisvaraturul. Kaheteistkümne tegutsemisaasta jooksul oleme loonud üle 1600 kodu ja ligi 36 000 m(2) äripindasid. Hepsor on esimese arendajana Balti riikides rakendanud mitmeid uuenduslikke insener-tehnilisi lahendusi, mis muudavad ettevõtte rajatavad hooned energiasäästlikumaks ja seeläbi keskkonnasõbralikumaks. Ettevõtte portfellis on kokku 24 arendusprojekti kogupindalaga 159 500 m(2).
Content of announcement in English
Title
Hepsor AS consolidated unaudited interim report for Q2 2023 and 6 months
Message
Hepsor's consolidated sales revenue for the second quarter of 2023 amounted to 14.6 million euros and net profit was 3.5 million euros (incl. the share owned by the parent company was 1.6 million euros). The consolidated sales revenue for the first half of 2023 totaled 20.6 million euros and net profit 3.6 million euros (incl. the share owned by the parent company was 1.8 million euros). In Q2 2023, the Group sold a total of 90 apartments of which 8 apartments in Paevälja Hoovimajad development project, Paevälja 11, Tallinn and 82 apartments in Latvia, in Riga in Kuldigas Parks development project, Gregora iela 2a 53 apartments were handed over to customers, in M?rupes D?rzs development project in Liela 45, 28 apartments were handed over to the customers and in Strelnieku 4b delevopment project 1 apartment. In the second quarter, land plots at Tooma st 2, Tooma st 4 and Tooma st 6 were sold in Tallinn. In the first half of 2023, a total of 195 real rights contracts were signed, based on which a total of 124 new homes were handed over to home buyers. The completion of the M?rupes D?rzs and Kuldigas Parks projects was only at the end of the second quarter and even though the real right contracts for 71 homes had been concluded, the homes had not yet been handed over to buyers at the end of the period and are therefore not reflected in the sales revenue for the period. The signing of real rights contracts for the Kuldigas Parks and M?rupes D?rzs projects and the handover of homes will continue in the third quarter of 2023. The Group's revenues and profitability are directly dependent on the development cycle of projects, which is approximately 24 to 36 months. Sales revenue is generated only at the end of the cycle. Calendar quarters vary in terms of the number of projects ending during the quarter, which is why both profits and sales revenue can differ significantly across quarters. Therefore, performance can be considerably weaker or stronger in some years and quarters than in others. The portfolio of the company's development projects and three-year average financial results are a better criteria for assessing the group's performance in order to assess the overall sustainability and economic results of a real estate development company. Hepsor has four residential development projects under construction in Estonia and Latvia, with a total of 319 new apartments and 453 m(2) of commercial premises. After the completion of two projects in the first half-year, Nameja Rezidence development project remains under construction and for sale in Riga, in which a total of 38 homes will be completed, of which 10 apartments have been pre-sold under the law of obligations and reservation agreements (26%). In Tallinn, three development projects are under construction and for sale with a total of 281 new apartments and 453 m(2) of commercial premises- Ojakalda kodud, Lilleküla kodud ja Manufaktuuri 7. As of June 30, 2023, law of obligations and reservation agreements have been concluded for 77 of these apartments (27%). According to Henri Laks, Member of the Management Board of Hepsor, the second quarter of 2023 went mostly as expected in the real estate sector. ?Positive developments include the stabilization of energy prices and inflation, which create the prerequisites for a recovery in demand in the real estate market. At the same time, the Euribor continued to rise, which has a direct impact on the monthly housing costs of households and home buyers and forces real estate purchasing decisions to take a conservative approach. The transaction activity of the Tallinn new development market increased slightly in the second quarter but remains below the previous long-term average. In Riga, transaction activity remains at the normal level," said Laks. In the commercial real estate market, transaction activity in the Baltics is also rather low. However, from Hepsor's perspective we can highlight a landmark transaction with which we sold a stock-office type commercial building with 3,642 m(2) of rental space called StokOfiss U30 to an experienced asset management company through the sale of parts of Hepsor U30 SIA in Riga, Latvia in the second quarter of 2023. Work to enter the Canadian market culminated in the first investment in Toronto in the second quarter of 2023, where, together with Canadian partners, a property suitable for residential development was purchased at 3406-3434 Weston road. To develop the property, Weston Limited Partnership was founded, in which, in addition to Hepsor and its Canadian partners, various Canadian and European investors also participate. The goal of the first phase of the acquired development project is to increase the construction volumes of the property from 27,000 m(2) to ca 53,000 m(2) and to obtain construction rights for the creation of two apartment buildings. The land valuation phase is expected to take 2-2.5 years, after which Weston Limited Partnership will be able to decide whether the additional value created by that point will be realized through the resale of the property or whether the project will move on to the construction phase. The Group forecasts a revenue of 41.3 million euros, net profit of 3.3 million euros and net profit attributable to the owners of the parent of 1.1 million euros for 2023. The Group's sales results for the first half of 2023 show that the Group is on track to meet the forecasts for 2023. Consolidated statement of financial position +-----------------------------------+------------+----------------+------------+ |in thousands of euros |30 June 2023|31 December 2022|30 June 2022| +-----------------------------------+------------+----------------+------------+ |Assets | | | | +-----------------------------------+------------+----------------+------------+ |Current assets | | | | +-----------------------------------+------------+----------------+------------+ |Cash and cash equivalents | 8,304| 3,754| 4,361| +-----------------------------------+------------+----------------+------------+ |Trade and other receivables | 1,372| 1,731| 576| +-----------------------------------+------------+----------------+------------+ |Current loan receivables | 311| 0| 279| +-----------------------------------+------------+----------------+------------+ |Inventories | 68,776| 69,760| 56,128| +-----------------------------------+------------+----------------+------------+ |Total current assets | 78,763| 75,245| 61,344| +-----------------------------------+------------+----------------+------------+ |Non-current assets | | | | +-----------------------------------+------------+----------------+------------+ |Property, plant and equipment | 233| 232| 260| +-----------------------------------+------------+----------------+------------+ |Intangible assets | 5| 7| 3| +-----------------------------------+------------+----------------+------------+ |Financial investments | 2| 2| 2| +-----------------------------------+------------+----------------+------------+ |Investments in associates | 912| 1,086| 0| +-----------------------------------+------------+----------------+------------+ |Non-current loan receivables | 3,233| 1,766| 2,308| +-----------------------------------+------------+----------------+------------+ |Other non-current receivables | 136| 30| 380| +-----------------------------------+------------+----------------+------------+ |Total non-current assets | 4,521| 3,123| 2,953| +-----------------------------------+------------+----------------+------------+ |Total assets | 83,284| 78,368| 64,297| +-----------------------------------+------------+----------------+------------+ |Liabilities and equity | | | | +-----------------------------------+------------+----------------+------------+ |Current liabilities | | | | +-----------------------------------+------------+----------------+------------+ |Loans and borrowings | 11,056| 22,565| 2,472| +-----------------------------------+------------+----------------+------------+ |Current lease liabilities | 64| 46| 64| +-----------------------------------+------------+----------------+------------+ |Prepayments from customers | 3,748| 3,054| 2,453| +-----------------------------------+------------+----------------+------------+ |Trade and other payables | 8,570| 4,007| 3,959| +-----------------------------------+------------+----------------+------------+ |Deferred income tax liability | 0| 0| 8| +-----------------------------------+------------+----------------+------------+ |Total current liabilities | 23,438| 29,672| 8,956| +-----------------------------------+------------+----------------+------------+ |Non-current liabilities | | | | +-----------------------------------+------------+----------------+------------+ |Loans and borrowings | 35,144| 26,015| 34,641| +-----------------------------------+------------+----------------+------------+ |Non-current lease liabilities | 68| 68| 66| +-----------------------------------+------------+----------------+------------+ |Other non-current liabilities | 2,442| 2,290| 1,762| +-----------------------------------+------------+----------------+------------+ |Total non-current liabilities | 37,654| 28,373| 36,469| +-----------------------------------+------------+----------------+------------+ |Total liabilities | 61,092| 58,045| 45,425| +-----------------------------------+------------+----------------+------------+ |Equity | | | | +-----------------------------------+------------+----------------+------------+ |Share capital | 3,855| 3,855| 3,855| +-----------------------------------+------------+----------------+------------+ |Share premium | 8,917| 8,917| 8,917| +-----------------------------------+------------+----------------+------------+ |Reserve capital | 385| | | +-----------------------------------+------------+----------------+------------+ |Retained earnings | 9,035| 7,551| 6,100| +-----------------------------------+------------+----------------+------------+ |Total equity | 22,192| 20,323| 18,872| +-----------------------------------+------------+----------------+------------+ |incl. total equity attributable to | | | | |owners of the parent | 21,709| 19,866| 18,345| +-----------------------------------+------------+----------------+------------+ |incl. non-controlling interest | 483| 457| 527| +-----------------------------------+------------+----------------+------------+ |Total liabilities and equity | 83,284| 78,368| 64,297| +-----------------------------------+------------+----------------+------------+ Consolidated statement of profit and loss and other comprehensive income +--------------------------------------------+-------+-------+-------+---------+ |in thousands of euros |6M 2023|6M 2022|Q2 2023|Q2 2022 | +--------------------------------------------+-------+-------+-------+---------+ | | | | | | +--------------------------------------------+-------+-------+-------+---------+ |Revenue | 20,590| 3,954| 14,615| 2,682| +--------------------------------------------+-------+-------+-------+---------+ |Cost of sales (-) |-15,799| -3,752|-10,759| -2,586| +--------------------------------------------+-------+-------+-------+---------+ |Gross profit | 4,791| 202| 3,856| 96| +--------------------------------------------+-------+-------+-------+---------+ |Marketing expenses (-) | -268| -173| -197| -78| +--------------------------------------------+-------+-------+-------+---------+ |Administrative expenses (-) | -787| -537| -440| -209| +--------------------------------------------+-------+-------+-------+---------+ |Other operating income | 82| 47| 62| 37| +--------------------------------------------+-------+-------+-------+---------+ |Other operating expenses (-) | -92| -39| -69| -32| +--------------------------------------------+-------+-------+-------+---------+ |Operating profit (-loss) of the year | 3,726| -500| 3,212| -186| +--------------------------------------------+-------+-------+-------+---------+ |Financial income | 1,046| 567| 996| 58| +--------------------------------------------+-------+-------+-------+---------+ |Financial expenses (-) | -1,184| -312| -759| -144| +--------------------------------------------+-------+-------+-------+---------+ |Profit before tax | 3,588| -245| 3,449| -272| +--------------------------------------------+-------+-------+-------+---------+ |Current income tax(-) | 0| -5| 0| 0| +--------------------------------------------+-------+-------+-------+---------+ |Deferred income tax | 0| -8| 0| -8| +--------------------------------------------+-------+-------+-------+---------+ |Net profit for the year | 3,588| -258| 3,449| -280| +--------------------------------------------+-------+-------+-------+---------+ | Attributable to owners of the parent | 1,803| -273| 1,563| -278| +--------------------------------------------+-------+-------+-------+---------+ | Non-controlling interest | 1,785| 15| 1,886| -2| +--------------------------------------------+-------+-------+-------+---------+ | | | | | | +--------------------------------------------+-------+-------+-------+---------+ | Other comprehensive income (-loss) | | | | | +--------------------------------------------+-------+-------+-------+---------+ |Changes related to change of ownership | 68| 135| 68| 0| +--------------------------------------------+-------+-------+-------+---------+ |Change in value of embedded derivatives with| | | | | |minority shareholders | -1,787| -13| -1,795| -31| +--------------------------------------------+-------+-------+-------+---------+ |Other comprehensive income (-loss) for the | | | | | |period | -1,719| 122| -1,727| -31| +--------------------------------------------+-------+-------+-------+---------+ | Attributable to owners of the parent | 40| -286| 54| -200| +--------------------------------------------+-------+-------+-------+---------+ | Non-controlling interest | -1,759| 408| -1,781| 169| +--------------------------------------------+-------+-------+-------+---------+ | | | | | | +--------------------------------------------+-------+-------+-------+---------+ |Comprehensive income (-loss) for the period | 1,869| -136| 1,722| -311| +--------------------------------------------+-------+-------+-------+---------+ | Attributable to owners of the parent | 1,843| -559| 1,617| -478| +--------------------------------------------+-------+-------+-------+---------+ | Non-controlling interest | 26| 423| 105| 167| +--------------------------------------------+-------+-------+-------+---------+ | | | | | | +--------------------------------------------+-------+-------+-------+---------+ |Earnings per share | | | | | +--------------------------------------------+-------+-------+-------+---------+ | Basic (euros per share) | 0.47| -0.07| 0.41| -0.07| +--------------------------------------------+-------+-------+-------+---------+ | Diluted (euros per share) | 0.47| -0.07| 0.41| -0.07| +--------------------------------------------+-------+-------+-------+---------+ Henri Laks Member of the Management Board Phone: +372 5693 9114 e-mail: [email protected] (mailto:[email protected]) Hepsor AS (www.hepsor.ee) is one of the fastest growing residential and commercial real estate developers in Estonia and Latvia, which is also present on the Canadian real estate market since 2023. Over the last twelve years Hepsor has developed more than 1,600 homes and ca 36,000 m(2) of commercial space. Hepsor has been the first real estate developer in the Baltic States to implement a number of innovative engineering solutions that make the buildings we construct more energy-efficient and thus more environmentally friendly. The company's portfolio is comprised of 24 development projects with a total sellable space of 159,500 m(2).