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
Management interim statement or quarterly financial report
Unique data record identifier
9556
Attachments
Submission date and time
11.05.2022 06:57:50
Content of announcement in Estonian
Title
Hepsor AS-i 2022. aasta I kvartali konsolideeritud auditeerimata vahearuanne
Message
Hepsori 2022. aasta I kvartali konsolideeritud müügitulu ulatus 1,3 miljoni
euroni ja puhaskasumiks kujunes 0,02 miljonit eurot (sh emaettevõtte omanikele
kuuluv osa 0,005 miljonit eurot). Kontserni müügitulu ja kasum sõltuvad otseselt
projektide arendustsüklist, mis kestab ligikaudu 24-36 kuud. Müügitulu tekib
alles selle tsükli lõpus. Seetõttu võib ühes kvartalis lõppeda rohkem projekte
kui teises ja kvartalid võivad müügitulu vaates üksteisest olulisel määral
erineda. 2022. aasta I kvartalis müüsime valminud projektidest Riias 8 korterit
Strelnieku 4b arendusprojektis.
Hepsori juhtkond prognoosib jätkuvalt 2022. aasta käibeks 28 miljonit eurot ja
kasumiks 3,3 miljonit eurot (sh emaettevõtte omanikele kuuluv osa 3,1 miljonit
eurot), hoolimata veebruaris alanud sõjast Ukrainas ja selle mõjust maailma
majandusele.
2022. aasta alguses valmis Riias Balozu 9 (18 korterit) arendusprojekt, mille
kõik kodud olid leidnud uue omaniku juba enne ehituse valmimist. Käesoleval
aastal valmivad Tallinnas Priisle Kodu (76 korterit ja äripind) ning Paevälja
Hoovimajade I etapp (48 korterit). Nimetatud projektide müügitulu kajastub
2022. aasta järgmiste kvartalite tulemustes.
Ärikondlikest arendustest valmib käesoleval aastal Tallinnas ja Riias kokku kolm
projekti. Rohelise mõtteviisi Grüne Maja büroohoones on esimesed üürnikud ennast
sisse seadnud ning aasta lõpus anname kliendile kasutamiseks üle 100% ulatuses
üürilepingutega kaetud Büroo 113 ärihoone. Viimase puhul saame rohelise
mõtteviisi lahendusi (maa-kütab-maa-jahutab, vihmavee kasutamine, energiatõhus
arhitektuur, väga hea sisekliima, päikeseenergia jne) esmakordselt kasutada ka
kesklinna kõrghoones. Riias valmib 2022. aastal Ulbrokas 30 stock-office tüüpi
ärihoone, mis on samuti üürilepingutega 100% ulatuses kaetud.
Mais 2022 müüsime viimase korteri Riias Agenskalna 24 projektis, seetõttu
vähenes ka portfellis olevate arendusprojektide maht 25-le. 2022. aastal müüdud
korterite tõttu vähenes potentsiaalne portfelli käive 377 miljoni euroni.
Kuigi Ukrainas toimuvast sõjast tingituna on olukord ehitusturul keeruline nii
tarneahelaprobleemide kui ka kasvavate hindade tõttu, sõlmisime aprillis uue
ehituslepingu ligikaudu 8,1 miljoni euro ulatuses, et alustada nelja kortermaja
ehitust kokku 92-korteriga Marupes, Riia lähistel. Tänaseks on Marupe
arendusprojektis kokku 38 korterile sõlmitud võlaõigus- ja broneerimislepingud.
Projekt valmib 2023. aastal. Ka Hepsori teise suure elukondliku arendusprojekti
müük ja ehitus, Kuldigas Parks (116 korterit) kulgeb Riias plaanipäraselt ning
müüdud on 34% korteritest. Projekt valmib 2023 aastal.
Eestis alustame 2022. aastal Ojakalda ja Manufaktuuri 7 kodude ehitamise ning
müügiga. Kahes projektis kokku on 255 kodu. Lisaks käesoleval aastal Riias juba
alustatud Marupe arendusprojekti ehitusele plaanime alustada ka Ranka Dambise
nimelise elukondliku arendusprojekti ehitusega Riias (kokku 36 korterit).
Tallinnas ja Riias kokku on 2022. aastal planeeritud alustada 383 korteri
ehitusega, millest 128 asub Riias.
Käesoleva aruande seisuga võime öelda, et uusarenduste turg on nii Riias kui ka
Tallinnas endiselt aktiivne ning klientide huvi uute kodude ja äripindade vastu
on jätkuvalt kõrge. Samas on hetkel keeruline hinnata, milline on kiire
inflatsiooni, Euroopa Keskpanga rahapoliitika, energiahindade kasvu ning Ukraina
sõja põgenikekriisi mõju majandusele ning tarbijate käitumisele lähitulevikus.
Ülevaade 2022. aasta I kvartali tulemustest
Kontserni 2022. aasta I kvartali müügitulu oli 1,3 miljonit eurot (I kvartal
2021: 2,9 miljonit eurot), millest müügitulu Lätis moodustas 1,1 miljonit eurot
(I kvartal 2021: 0,3 miljonit eurot) ehk 86% müügitulust (I kvartal 2021: 12%).
Võrreldes eelmise aasta sama perioodiga vähenes 2022. aasta I kvartali müügitulu
56%. Tulu langus 2022. aasta I kvartalis oli tingitud eelkõige lõpetatud
projektide vähesusest, mistõttu jõudis müügietappi vähem kortereid.
2022. aasta I kvartalis müüs kontsern kokku 8 korterit Lätis, Strelnieku 4b.
Aasta varem müüdi Lätis 3 ja Eestis 16 korterit. Lisaks korterite müügile pakub
kontsern ka projektijuhtimiseteenuseid ning teenib üüritulu. See tulu ulatus
158 tuhande euroni ja moodustas 12% kontserni kogu müügitulust.
Müügitulu suur kõikumine on kinnisvara arendusfirmade puhul suhteliselt
tavapärane. Kontserni kinnisvaraprojektide arendustsükkel kestab ligikaudu 36
kuud. Perioodide võrdluses võivad müügitulud ja kasumid kõikuda olenevalt
sellest, millisesse perioodi jääb arendusprojekti ehituse valmimine ja valminud
korterite müük.
Kontserni 2022. aasta I kvartali ärikahjumiks kujunes 314 tuhat eurot (I kvartal
2021 ärikasum: 259 tuhat eurot). Kontserni perioodi puhaskasum oli 22 tuhat
eurot (I kvartal 2021: 173 tuhat eurot), millest emaettevõtte omanike kasumiks
kujunes 5 tuhat eurot (I kvartal 2021: 50 tuhat eurot) ja vähemusosaluse
puhaskasumiks 17 tuhat eurot (I kvartal 2021: 123 tuhat eurot).
Ärikasumit mõjutas eelkõige tegevuskulude tõus ja müügitulu struktuuri muutus.
Kui 2021. aastal teenis kontsern müügitulu 95% ulatuses kinnisvara müügist, siis
2022. aastal moodustas kinnisvara müügist saadud tulu 85%. Üüritulu osakaal
müügitulust kasvas, mistõttu langesid ka kasumimarginaalid.
Konsolideeritud finantsseisundi aruanne (auditeerimata)
-------------------------------------------------------------------------------
tuhandetes eurodes 31.03.2022 31.12.2021 31.03.2021
-------------------------------------------------------------------------------
Varad
Käibevarad
Raha ja raha ekvivalendid 7 440 10 889 2 406
Nõuded ja ettemaksed 946 652 861
Lühiajalised laenunõuded 455 2 388 126
Varud 45 128 37 237 29 235
-------------------------------------------------------------------------------
Käibevarad kokku 53 969 51 166 32 628
-------------------------------------------------------------------------------
Põhivarad
Materiaalne põhivara 209 229 448
Immateriaalne põhivara 3 0 0
Finantsinvesteeringud 2 402 0
Investeeringud sidusettevõtetesse 0 0 2
Pikaajalised laenunõuded 2 308 3 408 1 540
Muud pikaajalised nõuded 340 140 67
-------------------------------------------------------------------------------
Põhivarad kokku 2 862 4 179 2 057
-------------------------------------------------------------------------------
Varad kokku 56 831 55 345 34 685
-------------------------------------------------------------------------------
Kohustised ja omakapital
Lühiajalised kohustised
Lühiajalised laenukohustised 3 833 5 501 3 075
Lühiajalised rendikohustised 92 123 138
Ettemaksed klientidelt 1 856 1 164 1 031
Võlad tarnijatele ja muud võlad 3 537 5 539 1 919
-------------------------------------------------------------------------------
Lühiajalised kohustised kokku 9 318 12 327 6 163
-------------------------------------------------------------------------------
Pikaajalised kohustised
Pikaajalised laenukohustised 26 854 22 862 17 791
Pikaajalised rendikohustised 66 66 267
Muud pikaajalised kohustised 1 410 1 053 791
Edasilükkunud tulumaksukohustis 0 0 71
-------------------------------------------------------------------------------
Pikaajalised kohustised kokku 28 330 23 981 18 920
-------------------------------------------------------------------------------
Kohustised kokku 37 648 36 308 25 083
-------------------------------------------------------------------------------
Omakapital
Aktsia-/osakapital 3 855 3 855 6
Ülekurss 8 917 8 917 3 211
Jaotamata kasum 6 411 6 265 6 385
-------------------------------------------------------------------------------
Omakapital kokku 19 183 19 037 9 602
-------------------------------------------------------------------------------
sh emaettevõtte omanikele kuuluv omakapital
kokku 18 823 18 904 9 504
sh vähemusosanikele kuuluv omakapital kokku 360 133 98
-------------------------------------------------------------------------------
Kohustised ja omakapital kokku 56 831 55 345 34 685
-------------------------------------------------------------------------------
Konsolideeritud koondkasumi aruanne (auditeerimata)
-------------------------------------------------------------------------------
2022 2021
tuhandetes eurodes I kvartal I kvartal
-------------------------------------------------------------------------------
Müügitulu 1 272 2 889
Müüdud kaupade ja teenuste kulu (-) -1 166 -2 464
-------------------------------------------------------------------------------
Brutokasum 106 425
-------------------------------------------------------------------------------
Turustuskulud (-) -95 -48
Üldhalduskulud (-) -328 -125
Muud äritulud 10 20
Muud ärikulud (-) -7 -13
-------------------------------------------------------------------------------
Ärikasum -314 259
-------------------------------------------------------------------------------
Finantstulud 509 34
intressitulu 60 24
muud finantstulud 449 10
Finantskulud (-) -168 -109
intressikulu (-) -133 -87
kahjum sidusettevõtetest (-) 0 -2
muud finantskulud (-) -35 -20
-------------------------------------------------------------------------------
Kasum enne tulumaksu 27 184
-------------------------------------------------------------------------------
Tasumisele kuuluv tulumaks -5 0
Edasilükkunud tulumaks 0 -11
-------------------------------------------------------------------------------
Aruandeperioodi puhaskasum 22 173
-------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv osa puhaskasumis 5 50
Vähemusosalusele kuuluv osa puhaskasumis 17 123
Muu koondkasum/- kahjum
Omanikuvahetusega seotud muutused 135 0
Vähemusosaluse varjatud tuletisinstrumentide väärtuse
muutus 18 -90
-------------------------------------------------------------------------------
Aruandeperioodi muu koondkasum kokku 153 -90
-------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv osa muu koondkasumis/-
kahjumis -86 0
Vähemusosalusele kuuluv osa koondkasumis/-kahjumis 239 -90
-------------------------------------------------------------------------------
Aruandeperioodi koondkasum kokku 175 83
-------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv osa koondkasumis/-
kahjumis -81 50
Vähemusosalusele kuuluv osa koondkasumis 256 33
Kasum aktsia kohta
Tava (eurot aktsia kohta) 0 0,01
Lahustatud (eurot aktsia kohta) 0 0,01
Vahearuanne on lisatud manusena börsiteatele ning on kättesaadav Hepsori
kodulehel
hepsor.ee/investorile/aktsia/infomaterjalid/
(https://hepsor.ee/investorile/aktsia/infomaterjalid/)
Kairi Hints
Finantsjuht
Hepsor AS
[email protected] (https://www.globenewswire.com/Tracker?data=TxxC-
UzIy1mR1pD9Ixo0uSBBY25wEUMizLcqvTjYBKoZr-9-mq-7bh14BeVYZc6BPn-
nuNP3zUhfrQtKghd8HMVtYNVp72mr12jUPlwrxaI=)
www.hepsor.ee
Hepsor AS (www.hepsor.ee (http://www.hepsor.ee)) on üks kiiremini kasvavaid elu-
ja ärikondliku kinnisvara arendajaid Eestis ja Lätis. Kümne tegutsemisaasta
jooksul oleme loonud üle 1400 kodu ja 23 000 m(2) äripinna. 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 25 arendusprojekti
kogupindalaga 176 000 m(2).
Content of announcement in English
Title
Hepsor AS consolidated unaudited interim report for Q1 2022
Message
Consolidated revenues of Hepsor for Q1 2022 amounted to 1.3 million euros and
net profit to 0.02 million euros (including 0.005 million euros attributable to
the owners of the parent company). The Group's revenues and profitability are
directly dependent on the development cycle of projects, which lasts
approximately 24 to 36 months. Sales revenue is only generated at the end of
this cycle. Therefore, more projects may end in one quarter than in another and
quarters may differ significantly in terms of revenue. In competed development
projects, we sold 8 apartments at Strelnieku 4b, Riga in Q1 2022.
The management of Hepsor still forecasts a turnover of 28 million euros in 2022
and profit of 3.3 million euros (including 3.1 million euros attributable to the
owners of the parent company) despite the war in Ukraine that was launched in
February 2022 and its impact on the global economy.
At the beginning of 2022, the development project at Balozhu 9 (18 apartments)
was completed in Riga. All the homes in this project had found new owner even
before the construction was completed. This year, Priisle Kodu (76 apartments
plus commercial space) and the first stage of Paevälja Hoovimajad (48
apartments) will be completed in Tallinn. The sales revenue of these projects
will be reflected in the financial results of the following quarters of 2022.
Three commercial development projects will be completed in Tallinn and Riga this
year. The first tenants have moved into Grüne Maja, an office building following
the green thinking concept. The construction of the Büroo 113 office building,
which has already reached 100% occupancy, will be completed by the end of 2022.
The latter is the first time that we use green solutions (geothermal heating and
cooling, rainwater use, energy-efficient architecture, excellent indoor climate,
solar energy, etc.) in a city centre high-rise. In 2022, a stock-office
commercial development project will be completed at Ulbrokas 30, Riga, which has
also reached 100% occupancy.
In May 2022, we sold the last apartment in the Agenskalna 24 development project
in Riga. Therefore, the number of development projects in the portfolio dropped
to 25. The apartments sold in 2022 reduced the potential turnover to 377 million
euros.
Despite the complicated construction market due to the war in Ukraine, supply
chain challenges and rising prices, we signed an 8.1 million euro construction
contract for the construction of four apartment buildings with 92 apartments in
Marupe, near Riga. As of May 2022, a total of 38 booking agreements and
contracts under the law of obligations have been sold in the Marupe development
project. The project will be completed in 2023. The sale and construction of
Hepsor's second largest residential development project, Kuldigas Parks (116
apartments) in Riga, is also proceeding according to plan and 34% of the
apartments have been sold. The project will be completed in 2023.
In Estonia, we will start the construction and sale of homes at Ojakalda and
Manufaktuuri 7 in 2022. The two projects have a total of 255 homes. In addition
to the construction of the Marupe development project, which has already started
in Riga this year, we also plan to start the construction of the Ranka Dambis
residential development project in Riga (36 apartments). In 2022, a total of
383 apartments are planned to be built in Tallinn and Riga, including 128 in
Riga.
As of the date of this report, the market for new developments is still active
both in Riga and Tallinn, and interest in new homes and commercial premises is
still high. At the same time, it is currently difficult to assess the impact of
rapid inflation, the European Central Bank's monetary policy, rising energy
prices and the Ukrainian refugee crisis on the economy and consumer behavior in
the near future.
Overview of financial results for Q1 2022
The Group's sales revenue in Q1 2022 was 1.3 million euros (compared with 2.9
million euros in Q1 2021), of which 1.1 million euros (Q1 2021: 0.3 million
euros) or 86% (Q1 2021: 12%) was earned from Latvia.
Compared with the same quarter year earlier, sales revenue in Q1 2022 decreased
by 56%. The decrease in revenue in Q1 2022 was mainly due to a smaller number of
completed projects, which resulted in fewer projects available for sale.
In Q1 2022, the Group sold a total of 8 apartments in Latvia, Strelnieku 4b. A
year earlier, 3 apartments were sold in Latvia and 16 in Estonia. In addition to
the sale of apartments, the Group also offers project management services and
generates rental income from real estate. In total, other sales revenue amounted
to 158 thousand euros, or 12% of the Group's total sales revenue.
Large fluctuations in sales revenue are relatively common in real estate
development business. The development cycle of the Group's real estate projects
lasts approximately 36 months. Therefore, sales revenues and profits may
fluctuate depending on the period between the completion of the construction of
the development project and the sale of the completed apartments.
The Group's operating loss for Q1 2022 amounted to 314 thousand euros (compared
with operating profit of 259 thousand euros in Q1 2021). The Group's net profit
for the reporting period amounted to 22 thousand euros (compared with 173
thousand euros in Q1 2021), of which the profit attributable to the owners of
the parent amounted to 5 thousand euros (50 thousand euros in Q1 2021), while
the profit to non-controlling interest was 17 thousand euros (123 thousand euros
in Q1 2021).
The increase in operating expenses and change in the structure of sales revenue
had the most impact on the Group's operating profit. Compared to 95% in 2021,
the Group's revenues from the sale of real estate dropped to 85% in Q1 2022. The
share of rental income in sales revenue increased therefore decreasing profit
margins.
Consolidated statement of financial position (unaudited)
-------------------------------------------------------------------------------
in thousands of euros 31 March 2022 31 Dec 2021 31 March 2021
-------------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents 7,44 10,889 2,406
Trade and other receivables 946 652 861
Current loan receivables 455 2,388 126
Inventories 45,128 37,237 29,235
-------------------------------------------------------------------------------
Total current assets 53,969 51,166 32,628
-------------------------------------------------------------------------------
Non-current assets
Property, plant and equipment 209 229 448
Intangible assets 3 0 0
Financial investments 2 402 0
Investments in associates 0 0 2
Non-current loan receivables 2,308 3,408 1,54
Other non-current receivables 340 140 67
-------------------------------------------------------------------------------
Total non-current assets 2,862 4,179 2,057
-------------------------------------------------------------------------------
Total assets 56,831 55,345 34,685
-------------------------------------------------------------------------------
Liabilities and equity
Current liabilities
Loans and borrowings 3,833 5,501 3,075
Current lease liabilities 92 123 138
Prepayments from customers 1,856 1,164 1,031
Trade and other payables 3,537 5,539 1,919
-------------------------------------------------------------------------------
Total current liabilities 9,318 12,327 6,163
-------------------------------------------------------------------------------
Non-current liabilities
Loans and borrowings 26,854 22,862 17,791
Non-current lease liabilities 66 66 267
Other non-current liabilities 1,41 1,053 791
Deferred income tax liability 0 0 71
-------------------------------------------------------------------------------
Total non-current liabilities 28,33 23,981 18,92
-------------------------------------------------------------------------------
Total liabilities 37,648 36,308 25,083
-------------------------------------------------------------------------------
Equity
Share capital 3,855 3,855 6
Share premium 8,917 8,917 3,211
Retained earnings 6,411 6,265 6,385
-------------------------------------------------------------------------------
Total equity 19,183 19,037 9,602
-------------------------------------------------------------------------------
incl. total equity attributable to
owners of the parent 18,823 18,904 9,504
incl. non-controlling interest 360 133 98
-------------------------------------------------------------------------------
Total liabilities and equity 56,831 55,345 34,685
-------------------------------------------------------------------------------
Consolidated statement of profit and loss and other comprehensive income
(unaudited)
-------------------------------------------------------------------------------
in thousands of euros Q1 2022 Q1 2021
-------------------------------------------------------------------------------
Revenue 1,272 2,889
Cost of sales (-) -1,166 -2,464
-------------------------------------------------------------------------------
Gross profit 106 425
-------------------------------------------------------------------------------
Marketing expenses (-) -95 -48
Administrative expenses (-) -328 -125
Other operating income 10 20
Other operating expenses (-) -7 -13
-------------------------------------------------------------------------------
Operating profit (-loss) of the year -314 259
-------------------------------------------------------------------------------
Financial income 509 34
interest income 60 24
other financial income 449 10
Financial expenses (-) -168 -109
interest expenses (-) -133 -87
loss from associate (-) 0 -2
other financial expenses (-) -35 -20
-------------------------------------------------------------------------------
Profit before tax 27 184
-------------------------------------------------------------------------------
Current income tax -5 0
Deferred income tax 0 -11
-------------------------------------------------------------------------------
Net profit for the year 22 173
-------------------------------------------------------------------------------
Attributable to owners of the parent 5 50
Non-controlling interest 17 123
Other comprehensive income (-loss)
Changes related to change of ownership 135 0
Change in value of embedded derivatives with minority
shareholders 18 -90
-------------------------------------------------------------------------------
Other comprehensive income (-loss) for the period 153 -90
-------------------------------------------------------------------------------
Attributable to owners of the parent -86 0
Non-controlling interest 239 -90
-------------------------------------------------------------------------------
Comprehensive income (-loss) for the period 175 83
-------------------------------------------------------------------------------
Attributable to owners of the parent -81 50
Non-controlling interest 256 33
-------------------------------------------------------------------------------
Earnings per share
-------------------------------------------------------------------------------
Basic (euros per share) 0.00 0.01
Diluted (euros per share) 0.00 0.01
The interim report is attached to the current release and is available from
Hepsor website
https://hepsor.ee/en/for-investors/stock/information-materials/
Kairi Hints
CFO
Hepsor AS
[email protected] (mailto:[email protected])
(mailto:[email protected])www.hepsor.ee (http://www.hepsor.ee)
Hepsor AS (www.hepsor.ee (http://www.hepsor.ee)) is one of the fastest-growing
residential and commercial property developers in Estonia and Latvia. In our ten
years of excellence we have created more than 1,400 homes and 23,000 m(2) of
commercial premises. As the first developers in the Baltic states, Hepsor has
implemented many innovative engineering and technical solutions, making the
buildings they construct more energy-efficient and thus more environmentally
friendly. The company's portfolio includes a total of 25 development projects
with a total area of 176,000 m(2).