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
Other corporate action
Unique data record identifier
9358
Attachments
Submission date and time
23.02.2022 09:12:39
Content of announcement in Estonian
Title
Hepsor AS-i 2021. aasta 12 kuu ja IV kvartali konsolideeritud auditeerimata vahearuanne
Message
Hepsor AS-i 2021. aasta 12 kuu ja IV kvartali konsolideeritud auditeerimata
vahearuanne
Hepsori 2021. majandusaasta konsolideeritud müügitulu ulatus 15 miljoni euroni
ja puhaskasumiks kujunes 1,7 miljonit eurot (sh emaettevõtte omanikele kuuluv
osa -0,02 miljonit eurot). 2022. aasta käibeks prognoosib ettevõte 28 miljonit
eurot ja puhaskasumiks 3,3 miljonit eurot (sh emaettevõtte omanikele kuuluv osa
3,1 miljonit eurot).
Ettevõtte 2021. aasta finantstulemus jäi 2020. aasta tulemustele alla peamiselt
tegevusvaldkonna tsüklilisuse tõttu. Projektide arendustsükkel kestab 24-36 kuud
ning müügitulu tekib alles selle tsükli lõpus. Seetõttu võib ühel aastal lõppeda
rohkem projekte kui teisel ning just 2021. aastal sai nö müügiküpseks
tavapärasest vähem projekte.
Juhatuse liige Henri Laks ütles: "Tegevusvaldkonna tsüklilisusest tulenevalt
võib Hepsori puhul ka tulevikus ette tulla majandusaastaid, kus finantstulemused
on kõikuvad tugevast arendusportfellist ja projektide heast kasumlikkusest
hoolimata ning võivad eelmise või järgmise majandusaastaga võrreldes olla kas
nõrgemad või oluliselt paremad.. Seetõttu analüüsib juhtkond ise ettevõtte
finantstulemusi pikemas perspektiivis ning kasutab tsüklilisust neutraliseeriva
võrdlusalusena kolme aasta keskmisi finantsandmeid."
Ettevõte on seadnud sihiks saavutada 2030. aastaks omakapitali mahuks 100
miljonit eurot. Selleks peaks iga-aastane keskmine kapitalitootlus olema ca
20%. Lähiaastate kapitalitootlusele hinnangu andmisel tuleb silmas pidada, et
2021. aasta lõpus läbi aktsiate avaliku enampakkumise raames kaasatud täiendav
kapital investeeritakse projektidesse 2022. aasta esimese poolaasta jooksul ning
majandustulemustele hakkab see mõju avaldama ca 24 kuu pärast.
2021. aastal lisandus üheksa uut arendusprojekti (viis Eestis ja neli Lätis)
ning ligikaudu 70 000 m2 uut arendusmahtu. Seejuures ei ole Hepsori portfell
kontsentreeritud paari üksikusse projekti, vaid jaotub väga paljude projektide
vahel nii geograafiliselt kui ka sihtotstarbe mõttes (eluruumid vs äriruumid).
Kui 2021. aasta alguses oli Hepsoril 19 erinevat projekti, siis aasta lõpuks
kasvas see arv 26-ni. Ettevõte hindab oma portfelli koosseisu väga heaks.
Hepsori juhatuse liikme Henri Laksi sõnul on juhtkond 2021. majandusaastaga
rahul, kuna järgmiste perioodide kasvule on laotud korralik vundament, portfell
on tugev, meeskond motiveeritud ja pardal on tuhandeid uusi aktsionäre.
Ülevaade 2021. aasta IV kvartali ja 12 kuu tulemustest
Kontserni 2021. aasta müügitulu oli 15,0 miljonit eurot (2020: 38,8 miljonit
eurot), millest neljandas kvartalis teeniti 8,0 miljonit eurot (IV kvartal
2020: 15,2 miljonit eurot). Võrreldes eelmise perioodiga langesid 2021. aasta
müügitulud 61,4%. Tulude vähenemine 2021. aastal oli tingitud eelkõige lõpetatud
projektide vähesusest, mistõttu jõudis müügietappi vähem projekte kui keskmisel
aastal tavaliselt.
Kontserni 2021. aasta ärikasum oli 1,9 miljonit eurot (2020: 3,4 miljonit
eurot). Ärikasumimarginaaliks kujunes 12,6% (2020: 8,8%). Kontserni aruandeaasta
puhaskasum oli 1,7 miljonit eurot (2020: 3,8 miljonit eurot), millest
emaettevõtte omanike kahjumiks kujunes 22 tuhat eurot (2020: 2,6 miljonit eurot
kasumit) ja vähemusosaluse puhaskasumiks 1,8 miljonit eurot (2020: 1,3 miljonit
eurot).
Kontserni 2021. aasta neljanda kvartali ärikasum oli 1,5 miljonit eurot (IV
kvartal 2020: 1,6 miljonit eurot). Neljanda kvartali ärikasumimarginaaliks
kujunes 18,3% (IV kvartal 2020: 10,9%). Kinnisvara turuhindade tõus 2021. aastal
on võrreldes 2020. aastaga suurendanud nii realiseeritud arendusprojektide
ärikasumit kui ka puhaskasumi marginaali. Neljanda kvartali puhaskasumiks
kujunes 1,6 miljonit eurot (2020: 1,8 miljonit eurot), millest emaettevõtte
osanike puhaskasumiks kujunes 153 000 eurot (IV kvartal 2020: 1,1 miljonit
eurot) ja vähemusosaluse puhaskasumiks 1,4 miljonit eurot (IV kvartal 2020: 0,7
miljonit eurot). Neljanda kvartali puhaskasumimarginaal oli 19,4% (2020: 11,9%).
Kuigi aruandeperioodil lõppenud projektide marginaalid olid oodatust kõrgemad
lõppes aruandeaasta emaettevõtte omanikele kahjumiga. Peamised põhjused on
kirjeldatud alljärgnevalt:
* Projektide tsüklilisusest tulenevalt lõppes aruandeaastal vähe projekte.
* Aruandeaastal lõppenud projektides olid emaettevõtte kasumiosalus madalam
kui keskmiselt arendusprojektides, mida Hepsor arendab.
* Hepsor AS aktsiate avalikust esmapakkumisest tulenevad ühekordsed kulud
summas 205 000 eurot, mis on kajastatud läbi aruandeaasta tegevuskulude.
Kokku olid aktsiate noteerimisest ja emiteerimisest tehtud kulud 650 000
eurot, millest 445 000 eurot on kajastatud läbi koondkasumiaruande.
Konsolideeritud finantsseisundi aruanne (auditeerimata)
----------------------------------------------------------------------------
tuhandetes eurodes 31.12.2021 31.12.2020
----------------------------------------------------------------------------
Varad
Käibevarad
Raha ja raha ekvivalendid 10 889 4 207
Nõuded ja ettemaksed 652 574
Lühiajalised laenunõuded 2388 776
Varud 37 237 22 903
----------------------------------------------------------------------------
Käibevarad kokku 51 166 28 460
----------------------------------------------------------------------------
Põhivarad
Materiaalne põhivara 229 492
Finantsinvesteeringud 402 0
Investeeringud sidusettevõtetesse 0 2
Pikaajalised laenunõuded 3 408 1 371
Muud pikaajalised nõuded 140 108
----------------------------------------------------------------------------
Põhivarad kokku 4 179 1 973
----------------------------------------------------------------------------
Varad kokku 55 345 30 433
----------------------------------------------------------------------------
Kohustised ja omakapital
Lühiajalised kohustised
Lühiajalised laenukohustised 2 761 4 038
Lühiajalised rendikohustised 123 174
Ettemaksed klientidelt 1164 769
Võlad tarnijatele ja muud võlad 5 539 3 082
----------------------------------------------------------------------------
Lühiajalised kohustised kokku 9 587 8 063
----------------------------------------------------------------------------
Pikaajalised kohustised
Pikaajalised laenukohustised 25 602 12 122
Pikaajalised rendikohustised 66 267
Muud pikaajalised kohustised 1053 402
Edasilükkunud tulumaksukohustis 0 60
----------------------------------------------------------------------------
Pikaajalised kohustised kokku 26 721 12 851
----------------------------------------------------------------------------
Kohustised kokku 36 308 20 914
----------------------------------------------------------------------------
Omakapital
Aktsia-/osakapital 3855 6
Ülekurss 9 362 3 211
Jaotamata kasum 5 820 6 302
----------------------------------------------------------------------------
Omakapital kokku 19 037 9 519
----------------------------------------------------------------------------
sh emaettevõtte omanikele kuuluv omakapital kokku 18 836 9 454
sh vähemusosanikele kuuluv omakapital kokku 201 65
----------------------------------------------------------------------------
Kohustised ja omakapital kokku 55 345 30 433
----------------------------------------------------------------------------
Konsolideeritud koondkasumi aruanne (auditeerimata)
-------------------------------------------------------------------------------
2020
2021 2020 2021 12 kuud
tuhandetes eurodes IV kvartal IV kvartal 12 kuud korrigeeritud
-------------------------------------------------------------------------------
Müügitulu 8 015 15 158 14 961 38 771
Müüdud kaupade ja teenuste kulu (-
) -6 111 -13 299 -11 902 -34 687
-------------------------------------------------------------------------------
Brutokasum 1 904 1 859 3 059 4 084
-------------------------------------------------------------------------------
Turustuskulud (-) -94 -42 -271 -93
Üldhalduskulud (-) -363 -158 -942 -594
Muud äritulud 29 17 83 51
Muud ärikulud (-) -10 -31 -49 -37
-------------------------------------------------------------------------------
Ärikasum 1 466 1 645 1 880 3 411
-------------------------------------------------------------------------------
Finantstulud 174 141 321 917
Finantskulud (-) -194 -30 -512 -364
Kasum enne tulumaksu 1 446 1 756 1 689 3 964
Tasumisele kuuluv tulumaks 0 -59 -16 -59
Edasilükkunud tulumaks 105 110 60 -60
-------------------------------------------------------------------------------
Aruandeperioodi puhaskasum 1 551 1 807 1 733 3 845
-------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv
osa puhaskasumis 153 1 108 -22 2 591
Vähemusosalusele kuuluv osa
puhaskasumis 1 398 699 1755 1254
Koondkasum
Omanikuvahetusega seotud muutused 0 11 70 -14
Vähemusosaluse varjatud
tuletisinstrumentide väärtuse
muutus -1 389 -518 -1815 -1 022
Aktsiate emiteerimise kulu -445 0 -445 0
Äriühendus 0 0 0 25
-------------------------------------------------------------------------------
Aruandeperioodi koondkasum -283 1 300 -457 2834
-------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv
osa koondkasumis -292 1 107 -467 2 605
Vähemusosalusele kuuluv osa
koondkasumis 9 193 10 229
Kasum aktsia kohta
Tava (eurot aktsia kohta) 0,04 0,29 -0,01 0,86
Lahustatud (eurot aktsia
kohta) 0,04 0,29 -0,01 0,86
Vahearuanne on lisatud manusena börsiteatele ning on kättesaadav Hepsori
kodulehel
https://hepsor.ee/investorile/aruanded/
Aruande tutvustamise esitlus on saadaval aadressil:
https://hepsor.ee/wp-content/uploads/Hepsor_M1_22.02.2022_25fps.mp4
Kairi Hints
Finantsjuht
Hepsor AS
[email protected] (mailto:[email protected])
www.hepsor.ee
Lisad
Content of announcement in English
Title
Unaudited financial results of Hepsor AS for 12 months and Q4 2021
Message
Unaudited financial results of Hepsor AS for 12 months and Q4 2021
Hepsor AS consolidated sales revenue for the 2021 financial year amounted to 15
million euros and its net profit was 1.7 million euros (including 0.02 million
euros attributable to the owners of the parent). We forecast a turnover of 28
million euros in 2022 and net profit of 3.3 million euros (including 3.1 million
euros attributable to the owners of the parent).
The company's financial result in 2021 was lower than in 2020, mainly due to the
cyclical nature of the business. The development cycle of projects lasts 24 to
36 months and sales revenue is only generated at the end of cycle. Therefore,
more projects may end in one year than in another, and in 2021 fewer than usual
projects became ready for sale.
Henri Laks, member of Management Board of Hepsor, said that due to the cyclical
nature of the business, Hepsor may also in the future experience financial years
with fluctuating financial results, despite of strong development portfolio and
good profitability of the projects. He said that therefore the financial results
may be weaker or stronger compared with the previous or subsequent financial
year. Therefore, the management analyses the company's long-term financial
results using three-year average financial data as a benchmark for neutralising
the cyclicality.
The company has set a target of 100 million euros in equity by 2030. To this
end, the average annual return on capital should be around 20%. When assessing
the return on capital in the coming years, it should be borne in mind that the
additional capital raised through the public offering at the end of 2021 will be
invested in projects in the first half of 2022, and it will have an effect on
the financial results in about 24 months.
Hepsor acquired nine new development projects (five in Estonia and four in
Latvia), adding almost 70,000 square metres of new development volume. At the
same time, Hepsor's portfolio is not concentrated into a few individual
projects; instead, it is divided between a large number of projects in terms of
location and purpose (residential v. commercial). While Hepsor had 19 different
projects at the beginning of 2021, that number had grown to 26 by the end of the
year. The Group considers the composition of the portfolio to be very good.
According to the member of Management Board, Henri Laks, the management is
pleased with the 2021 financial year - a good foundation has been laid for the
growth in the coming periods, including strong portfolio, motivated team and
thousands of new shareholders on board.
Overview of financial results for 12 months and Q4 of 2021
The Group's sales revenue in 2021 was 15.0 million euros (compared with 38.8
million euros in 2020), of which 8.0 million euros was earned in the fourth
quarter (15.2 million euros in the fourth quarter of 2020). Compared with the
previous period, sales revenue in 2021 decreased by 61.4%. The decrease in
revenue in 2021 was mainly due to the small number of completed projects, which
resulted in fewer projects reaching the sales stage than in an average year.
The Group's operating profit for 2021 amounted to 1.9 million euros (compared
with 3.4 million euros in 2020). The operating margin was 12.6% (compared with
8.8% in 2020). The Group's net profit for the reporting year amounted to 1.7
million euros (compared with 3.8 million euros in 2020), of which the losses
attributable to the owners of the parent amounted to 22 thousand euros (profit
2.6 million euros in 2020), while the profit to non-controlling interest was
1.8 million euros (1.3 million euros in 2020).
The Group's operating profit for the fourth quarter of 2021 was 1.5 million
euros (compared with 1.6 million euros in the fourth quarter of 2020). The
operating margin for the fourth quarter was 18.3% (compared with 10.9% in the
fourth quarter of 2020). The increase in real estate market prices in 2021
compared with 2020 has increased both the operating profit of the sold
development projects and the net profit margin. Net profit for the fourth
quarter was 1.6 million euros (compared with 1.8 million euros in the fourth
quarter of 2020) and the net profit margin was 19.4% (11.9% in 2020).
Although the margins of projects completed during the reporting period were
higher than expected, the reporting year ended with a loss for the owners of the
parent company. The main reasons are the following:
* Due to the cyclical nature of the projects, very few projects ended during
the reporting year.
* The parent company's share in the projects completed in the reporting year
was below average compared with the other projects developed by the parent
company.
* Extraordinary expenses arising from the initial public offering of Hepsor AS
shares in the amount of 205 thousand euros are included in the operating
expenses for the reporting year. The total expenses incurred in relation to
the listing and issuing of shares amounted to 650 thousand euros, of which
445 thousand euros have been reflected in the consolidated income statement.
Consolidated statement of financial position (unaudited)
-------------------------------------------------------------------------------
in thousands of euros 31 Dec 2021 31 Dec 2020
-------------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents 10,889 4,207
Trade and other receivables 652 574
Current loan receivables 2,388 776
Inventories 37,237 22,903
-------------------------------------------------------------------------------
Total current assets 51,166 28,460
-------------------------------------------------------------------------------
Non-current assets
Property, plant and equipment 229 492
Financial investment 402 0
Investments in associates 0 2
Non-current loan receivables 3,408 1,371
Other non-current receivables 140 108
-------------------------------------------------------------------------------
Total non-current assets 4,179 1,973
-------------------------------------------------------------------------------
Total assets 55,345 30,433
-------------------------------------------------------------------------------
Liabilities and equity
Current liabilities
Loans and borrowings 2,761 4,038
Current lease liabilities 123 174
Prepayments from customers 1,164 769
Trade and other payables 5,539 3,082
-------------------------------------------------------------------------------
Total current liabilities 9,587 8,063
-------------------------------------------------------------------------------
Non-current liabilities
Loans and borrowings 25,602 12,122
Non-current lease liabilities 66 267
Other non-current liabilities 1,053 402
Deferred income tax liability 0 60
-------------------------------------------------------------------------------
Total non-current liabilities 26,721 12,851
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Total liabilities 36,308 20,914
-------------------------------------------------------------------------------
Equity
Share capital 3,855 6
Share premium 9,362 3,211
Retained earnings 5,820 6,302
-------------------------------------------------------------------------------
Total equity 19,037 9,519
-------------------------------------------------------------------------------
incl. total equity attributable to owners of the
parent 18,836 9,454
incl. non-controlling interest 201 65
-------------------------------------------------------------------------------
Total liabilities and equity 55,345 30,433
-------------------------------------------------------------------------------
Consolidated statement of profit and loss and other comprehensive income
(unaudited)
-------------------------------------------------------------------------------
2020
in thousands of euros Q4 2021 Q4 2020 2021 Adjusted
-------------------------------------------------------------------------------
Revenue 8,015 15,158 14,961 38,771
Cost of sales (-) -6,111 -13,299 -11,902 -34,687
-------------------------------------------------------------------------------
Gross profit 1,904 1,859 3,059 4,084
-------------------------------------------------------------------------------
Marketing expenses (-) -94 -42 -271 -93
Administrative expenses (-) -363 -158 -942 -594
Other operating income 29 17 83 51
Other operating expenses (-) -10 -31 -49 -37
-------------------------------------------------------------------------------
Operating profit of the year 1,466 1,645 1,880 3,411
-------------------------------------------------------------------------------
Financial income 174 141 321 917
Financial expenses (-) -194 -30 -512 -364
Profit before tax 1,446 1,756 1,689 3,964
Current income tax 0 -59 -16 -59
Deferred income tax 105 110 60 -60
-------------------------------------------------------------------------------
Net profit for the year 1,551 1,807 1,733 3,845
-------------------------------------------------------------------------------
Attributable to owners of the parent 153 1,108 -22 2,591
Non-controlling interest 1,398 699 1,755 1,254
Other comprehensive income (loss)
Changes related to change of ownership 0 11 70 -14
Change in value of embedded derivatives with
minority shareholders -1,389 -518 -1,815 -1,022
Issuing of shares -445 0 -445 0
Business combination between related parties 0 0 0 25
-------------------------------------------------------------------------------
Other comprehensive income for the period -283 1,300 -457 2,834
-------------------------------------------------------------------------------
Attributable to owners of the parent -292 1,107 -467 2,605
Non-controlling interest 9 193 10 229
Earnings per share
Basic (euros per share) 0.04 0.29 -0.01 0.86
Diluted (euros per share) 0.04 0.29 -0.01 0.86
The interim report is attached to the current release and is available from
Hepsor website https://hepsor.ee/en/for-investors/stock/
The presentation of interim report is available from:
https://hepsor.ee/wp-content/uploads/Hepsor_M1_22.02.2022_25fps.mp4
Kairi Hints
CFO
Hepsor AS
[email protected] (mailto:[email protected])
www.hepsor.ee
Attachments