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Hepsor AS
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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01.11.2023 06:00:00
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Hepsor ASi 2023. aasta III kvartali ja 9 kuu konsolideeritud auditeerimata vahearuanne
Teade
Hepsori 2023. aasta üheksa kuu konsolideeritud müügitulu oli 36 miljonit eurot ja puhaskasumiks kujunes 4,8 miljonit eurot (sh emaettevõtte omanikele kuuluv osa 2,3 miljonit eurot). 2023. aasta kolmanda kvartali konsolideeritud müügitulu kokku oli 15,5 miljonit eurot ja puhaskasum 1,2 miljonit eurot (sh emaettevõtte omanikele kuuluv osa 0,5 miljonit eurot). Kontserni juhtkond muudab 2022. aastal esitatud finantsprognoose majandusaastateks 2023-2024. Prognoosime 2023. aasta konsolideeritud müügituluks 40,8 miljonit eurot (varem 41,1 miljonit eurot) ning kasumiks 4,3 miljonit eurot (varem 3,3 miljonit eurot), sealjuures kontserni omanikele kuuluvaks puhaskasumiks 1,5 miljonit eurot (varem 1,1 miljon eurot). Arvestades keerukamat olukorda kinnisvarasektoris ning majanduskeskkonnas üldisemalt, on see hea tulemus. 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 parimaks hindamiskriteeriumiks ettevõtte arendusprojektide portfell ning kolme aasta keskmised majandusaasta tulemused. 2023. aasta 9 kuu jooksul anti klientidele üle kokku 240 uut kodu (asjaõiguslepingute arv) neljast projektist - Paevälja hoovimajade projektist, Riias Kuldigas Parks, M?rupes D?rzs ning Str?lnieku 4b projektides. Sealhulgas kolmandas kvartalis anti klientidele üle 116 kodu - Paevälja projektis 1, Str?lnieku 4b projektis 3, M?rupes D?rzs 51 ning Kuldigas Parks projektis 61 kodu. Kuldigas Parks ja M?rupes D?rzs projektide asjaõiguslepingute sõlmimine ning kodude üleadmine jätkub 2023. aasta neljandas kvartalis ning prognoosime, et aasta lõpus on nendes kahes projektis kõik korterid müüdud. Ärikinnisvara osas valmis teise kvartali lõpuks Tallinnas rohelise mõtteviisiga Grüne Maja, mis on kolmanda kvartali lõpu seisuga 100% üürilepingutega kaetud. Sidusettevõttena kajastatud Büroo 113 puhul pidi Hepsor septembri alguses üürnike poolse üürilepingu rikkumise tõttu üürilepingu ühepoolselt üles ütlema, mille tulemusena vabanes ca 3 500 m2 äripinda. Hepsor tegeleb juba uute üürnikega üürilepingute läbirääkimisega. Huvi majas olevate vakantsete pindade vastu on osustunud oodatust suuremaks. 2023. aastal on Hepsoril ehituses neli elukondlikku arendusprojekti kokku 315. korteriga - Ojakalda Kodud (101 korterit), Manufaktuuri 7 (150 korterit ning 453 m2 äripinda), Lilleküla Kodud (26 korterit) ja Nameja Rezidence (38 korterit). Nende projektide valmimine on plaanitud 2024 aastasse ning enamus müügitulu kajastatakse samuti 2024. aastal, kuid võlaõiguslikke lepinguid ja kirjalikke broneeringuid on nimetatud nelja projekti peale sõlmitud 30. september 2023 seisuga 106-le korterile (34%). 2023 kolmanda kvartali lõpus algas Lätis Annenhofi arendusprojekt, kuhu on planeeritud 40 korterit. Korterite eelmüük algas 2023. aasta kolmandas kvartalis ning ehitus algab eelduslikult neljandas kvartalis. Uutest projektidest - Hepsor omandas augustis 2023 uued kinnistud Lätis soetades 50% SIA "Riga Properties 4" osadest. SIA "Riga properties 4" on sõlminud ostulepingu kahe kinnistu ostuks Riia lähistel Dreilini piirkonnas eesmärgiga arendada kinnistutel etapiviisiliselt 40 000 m2 äripindasid. Kinnistud asuvad atraktiivses piirkonnas, kus juba paiknevad IKEA kauplus ja SAGA ostukeskus. Arendatavale alale planeerime luua omanäolise ja rohelist mõtteviisi kandva ärilinnaku, mis koosneb erinevate funktsioonidega äripindadest, sh stock-office tüüpi ärihoonetest. Hepsor Kanadas - Hepsor alustas oma Kanada ärisuuna arendamisega 2022. aasta kevadel pärast Venemaa sõjalise sissetungi algust Ukrainasse eesmärgiga leida uusi kasvuvõimalusi ning hajutada praeguste koduturgudega seotud geopoliitilisi riske. Aastaga on Kanadas ülesehitatud äri alustamiseks vajalik koostöövõrgustik alates juriidilistest- ja finantsnõustajatest ning lõpetades pankade, turuanalüüsi- ning maaklerettevõtetega. 2023. aasta III kvartali lõpuks on koos Kanada koostööpartneritega tehtud kaks investeeringut. Juunis 2023 soetati kinnistu aadressil 3406-3434 Weston road ning septembris 2023 3 kõrvutiasuvat elukondlikuks arenduseks sobivat kinnistut Toronto kesklinnas, aadressil 164 - 168 Isabella street eesmärgiga ostetud kinnistuid väärindada. Kinnistute arendamiseks asutati ettevõtted Weston Limited Partnership ja Elysium Isabella Limited Partnership. Mõlema projekti puhul võtab maa väärtustamise faas eelduslikult aega 2-2,5 aastat, misjärel Weston Limited Partnership ja Elysium Isabella Limited Partnership otsustavad, kas saavutatud ehitusõigus realiseeritakse läbi kinnistu edasimüügi või liigutakse projektidega edasi ehitusfaasi. Vaatamata jätkuvalt keerulisele majanduskeskonnale, julgeolekukriisile ning suurenenud intressimääradele on Hepsor grupp tervikuna kasumlik ning oleme 2023 majandusaasta korrigeeritud finantsprognoosi alusel puhaskasumit võrreldes varasema prognoosiga suurendanud. Kogu kolmanda kvartali konsolideeritud auditeerimata vahearuandega saab tutvuda siin: https://hepsor.ee/investorile/aktsia/aruandedjaesitlused/ Konsolideeritud finantsseisundi aruanne: +---------------------------------------------+----------+----------+----------+ |tuhandetes eurodes |30.09.2023|31.12.2022|30.09.2022| +---------------------------------------------+----------+----------+----------+ | | | | | +---------------------------------------------+----------+----------+----------+ |Varad | | | | +---------------------------------------------+----------+----------+----------+ |Käibevarad | | | | +---------------------------------------------+----------+----------+----------+ |Raha ja raha ekvivalendid | 7 083| 3 754| 3 110| +---------------------------------------------+----------+----------+----------+ |Nõuded ja ettemaksed | 5 578| 1 731| 1 596| +---------------------------------------------+----------+----------+----------+ |Lühiajalised laenunõuded | 311| 0| 100| +---------------------------------------------+----------+----------+----------+ |Varud | 68 807| 69 760| 67 118| +---------------------------------------------+----------+----------+----------+ |Käibevarad kokku | 81 779| 75 245| 71 924| +---------------------------------------------+----------+----------+----------+ |Põhivarad | | | | +---------------------------------------------+----------+----------+----------+ |Materiaalne põhivara | 193| 232| 230| +---------------------------------------------+----------+----------+----------+ |Immateriaalne põhivara | 5| 7| 2| +---------------------------------------------+----------+----------+----------+ |Finantsinvesteeringud | 1 504| 2| 2| +---------------------------------------------+----------+----------+----------+ |Investeeringud sidusettevõtetesse | 384| 1 086| 209| +---------------------------------------------+----------+----------+----------+ |Pikaajalised laenunõuded | 1 766| 1 766| 1 766| +---------------------------------------------+----------+----------+----------+ |Muud pikaajalised nõuded | 166| 30| 167| +---------------------------------------------+----------+----------+----------+ |Põhivarad kokku | 4 018| 3 123| 2 376| +---------------------------------------------+----------+----------+----------+ |Varad kokku | 85 797| 78 368| 74 300| +---------------------------------------------+----------+----------+----------+ |Kohustised ja omakapital | | | | +---------------------------------------------+----------+----------+----------+ |Lühiajalised kohustised | | | | +---------------------------------------------+----------+----------+----------+ |Lühiajalised laenukohustised | 2 270| 22 565| 2 445| +---------------------------------------------+----------+----------+----------+ |Lühiajalised rendikohustised | 26| 46| 33| +---------------------------------------------+----------+----------+----------+ |Ettemaksed klientidelt | 2 227| 3 054| 3 497| +---------------------------------------------+----------+----------+----------+ |Võlad tarnijatele ja muud võlad | 8 683| 4 007| 3 213| +---------------------------------------------+----------+----------+----------+ |Lühiajalised kohustised kokku | 13 206| 29 672| 9 188| +---------------------------------------------+----------+----------+----------+ |Pikaajalised kohustised | | | | +---------------------------------------------+----------+----------+----------+ |Pikaajalised laenukohustised | 46 696| 26 015| 43 322| +---------------------------------------------+----------+----------+----------+ |Pikaajalised rendikohustised | 68| 68| 66| +---------------------------------------------+----------+----------+----------+ |Muud pikaajalised kohustised | 2 633| 2 290| 2 692| +---------------------------------------------+----------+----------+----------+ |Pikaajalised kohustised kokku | 49 397| 28 373| 46 080| +---------------------------------------------+----------+----------+----------+ |Kohustised kokku | 62 603| 58 045| 55 268| +---------------------------------------------+----------+----------+----------+ |Omakapital | | | | +---------------------------------------------+----------+----------+----------+ |Aktsiakapital | 3 855| 3 855| 3 855| +---------------------------------------------+----------+----------+----------+ |Ülekurss | 8 917| 8 917| 8 917| +---------------------------------------------+----------+----------+----------+ |Reservkapital | 385| 0| 0| +---------------------------------------------+----------+----------+----------+ |Jaotamata kasum | 10 037| 7 551| 6 260| +---------------------------------------------+----------+----------+----------+ |Omakapital kokku | 23 194| 20 323| 19 032| +---------------------------------------------+----------+----------+----------+ |sh emaettevõtte omanikele kuuluv omakapital | | | | |kokku | 22 150| 19 866| 18 529| +---------------------------------------------+----------+----------+----------+ |sh vähemusosanikele kuuluv omakapital kokku | 1 044| 457| 503| +---------------------------------------------+----------+----------+----------+ |Kohustised ja omakapital kokku | 85 797| 78 368| 74 300| +---------------------------------------------+----------+----------+----------+ Konsolideeritud koondkasumi aruanne: +--------------------------+-----------+-----------+-------------+-------------+ | | | |III kvartal |III kvartal | |tuhandetes eurodes |9 kuud 2023|9 kuud 2022|2023 |2022 | +--------------------------+-----------+-----------+-------------+-------------+ | | | | | | +--------------------------+-----------+-----------+-------------+-------------+ |Müügitulu | 36 048| 5 622| 15 458| 1 668| +--------------------------+-----------+-----------+-------------+-------------+ |Müüdud kaupade ja teenuste| | | | | |kulu (-) | - 29 224| - 5 100| - 13 425| - 1 348| +--------------------------+-----------+-----------+-------------+-------------+ |Brutokasum | 6 824| 522| 2 033| 320| +--------------------------+-----------+-----------+-------------+-------------+ |Turustuskulud (-) | - 399| - 279| - 131| - 106| +--------------------------+-----------+-----------+-------------+-------------+ |Üldhalduskulud (-) | - 1 110| - 764| - 323| - 227| +--------------------------+-----------+-----------+-------------+-------------+ |Muud äritulud | 112| 47| 30| 0| +--------------------------+-----------+-----------+-------------+-------------+ |Muud ärikulud (-) | - 116| - 45| - 24| - 6| +--------------------------+-----------+-----------+-------------+-------------+ |Ärikasum/-kahjum | 5 311| - 519| 1 585| - 19| +--------------------------+-----------+-----------+-------------+-------------+ |Finantstulud | 1 129| 849| 83| 282| +--------------------------+-----------+-----------+-------------+-------------+ |Finantskulud (-) | - 1 662| - 454| - 478| - 142| +--------------------------+-----------+-----------+-------------+-------------+ |Kasum enne tulumaksu | 4 778| - 124| 1 190| 121| +--------------------------+-----------+-----------+-------------+-------------+ |Tasumisele kuuluv tulumaks| | | | | |(-) | 0| - 5| 0| 0| +--------------------------+-----------+-----------+-------------+-------------+ |Edasilükkunud tulumaks (-)| 0| 0| 0| 8| +--------------------------+-----------+-----------+-------------+-------------+ |Aruandeperioodi puhaskasum| 4 778| - 129| 1 190| 129| +--------------------------+-----------+-----------+-------------+-------------+ | Emaettevõtte omanikele| | | | | |kuuluv osa puhaskasumis/- | | | | | |kahjumis | 2 272| - 141| 469| 132| +--------------------------+-----------+-----------+-------------+-------------+ | Vähemusosalusele | | | | | |kuuluv osa puhaskasumis/- | | | | | |kahjumis | 2 506| 12| 721| - 3| +--------------------------+-----------+-----------+-------------+-------------+ | | | | | | +--------------------------+-----------+-----------+-------------+-------------+ | Muu koondkasum/- kahjum | | | | | +--------------------------+-----------+-----------+-------------+-------------+ |Omanikuvahetusega seotud | | | | | |muutused | 250| 135| 182| 0| +--------------------------+-----------+-----------+-------------+-------------+ |Vähemusosaluse varjatud | | | | | |tuletisinstrumentide | | | | | |väärtuse muutus | - 2 157| 18| - 370| 31| +--------------------------+-----------+-----------+-------------+-------------+ |Aruandeperioodi muu | | | | | |koondkasum kokku | - 1 907| 153| - 188| 31| +--------------------------+-----------+-----------+-------------+-------------+ | Emaettevõtte omanikele| | | | | |kuuluv osa muu | | | | | |koondkasumis/-kahjumis | 12| - 234| - 28| 52| +--------------------------+-----------+-----------+-------------+-------------+ | Vähemusosalusele | | | | | |kuuluv osa koondkasumis | - 1 919| 387| - 160| - 21| +--------------------------+-----------+-----------+-------------+-------------+ | | | | | | +--------------------------+-----------+-----------+-------------+-------------+ |Aruandeperioodi koondkasum| | | | | |kokku | 2 871| 24| 1 002| 160| +--------------------------+-----------+-----------+-------------+-------------+ | Emaettevõtte omanikele| | | | | |kuuluv osa koondkasumis/- | | | | | |kahjumis | 2 284| - 375| 441| 184| +--------------------------+-----------+-----------+-------------+-------------+ | Vähemusosalusele | | | | | |kuuluv osa koondkasumis/- | | | | | |kahjumis | 587| 399| 561| - 24| +--------------------------+-----------+-----------+-------------+-------------+ |Kasum aktsia kohta | | | | | +--------------------------+-----------+-----------+-------------+-------------+ | Tava (eurot aktsia | | | | | |kohta) | 0,59| -0,04| 0,12| 0,03| +--------------------------+-----------+-----------+-------------+-------------+ | Lahustatud (eurot | | | | | |aktsia kohta) | 0,59| -0,04| 0,12| 0,03| +--------------------------+-----------+-----------+-------------+-------------+ Henri Laks Juhatuse liige Telefon: +372 5693 9114 e-post: henri@hepsor.ee (mailto:henri@hepsor.ee) - 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 25 arendusprojekti kogupindalaga 169 300 m(2).
Pealkiri
Hepsor AS consolidated unaudited interim report for Q3 2023 and 9 months
Teade
Hepsor's consolidated revenue for the first nine months of 2023 amounted to 36 million euros, with a net profit of 4.8 million euros (including a share of 2.3 million euros for the parent company). In the third quarter of 2023, the consolidated revenue reached 15.5 million euros, with a net profit of 1.2 million euros (including a share of 0.5 million euros for the parent company). The group's management has updated the financial forecasts presented in 2022 for the fiscal years 2023-2024. We project a consolidated revenue of 40.8 million euros for 2023 (previously 41.1 million euros) and a profit of 4.3 million euros (previously 3.3 million euros), including a net profit of 1.5 million euros for the group's shareholders (previously 1.1 million euros). Given the challenging circumstances in the real estate sector and the broader economic environment, this is a positive outcome. 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. In the first nine months of 2023, a total of 240 new homes (based on real rights contracts) were handed over to customers in the Paevälja courtyard house project and in the Riga Kuldigas Parks, M?rupes D?rzs, and Str?lnieku 4b projects. This includes the handover of 116 homes in the third quarter - 1 in the Paevälja project, 3 in the Str?lnieku 4b project, 51 in the M?rupes D?rzs project, and 61 in the Kuldigas Parks project. The signing of real rights contracts and the handover of homes in the Kuldigas Parks and M?rupes D?rzs projects will continue in the fourth quarter of 2023, and we anticipate that all apartments in these two projects will be sold by the end of the year. In the commercial real estate segment, the environmentally friendly Grüne Maja in Tallinn was completed by the end of the second quarter and, as of the end of the third quarter, was fully leased. In the case of the associated company Büroo 113, Hepsor had to unilaterally terminate the lease agreement in early September due to a breach of the lease agreement by tenants, resulting in the release of approximately 3,500 square meters of commercial space. Hepsor is already in negotiations with new tenants for these vacant spaces, and there is a higher level of interest in the vacant spaces than expected. In 2023, Hepsor has four residential development projects under construction, comprising a total of 315 apartments - Ojakalda Kodud (101 apartments), Manufaktuuri 7 (150 apartments and 453 m2 of commercial space), Lilleküla Kodud (26 apartments), and Nameja Rezidence (38 apartments). These projects are scheduled for completion in 2024, with most of the revenue also expected in 2024. However, as of September 30, 2023, we have signed contracts under law of obligations and written reservations for 106 apartments (34%) across these four projects. At the end of the third quarter of 2023, the Annenhof development project commenced in Latvia, which is planned to have 40 apartments. Pre-sales for the apartments began in the third quarter of 2023, with construction expected to start in the fourth quarter. Regarding new projects, in August 2023, Hepsor acquired new properties in Latvia, purchasing a 50% stake in the shares of SIA 'Riga Properties 4.' SIA 'Riga Properties 4' has entered into purchase agreements for two properties near Riga, Latvia, with a total area of 74,314 square meters. Hepsor's partners in the development of these properties are R?gas ?pashumu Fonds SIA and Venturecorp Property Holdings UAB. Hepsor in Canada - Hepsor initiated the development of its Canadian business line in the spring of 2022, following the start of Russia's military incursion into Ukraine, with the aim of finding new growth opportunities and mitigating geopolitical risks associated with current home markets. In a year, a collaboration network necessary to start the business has been established in Canada, ranging from legal and financial advisors to banks, market analysis firms, and brokerage companies. By the end of the third quarter of 2023, together with Canadian partners, two investments have been made. In June 2023, a property was acquired at the address 3406-3434 Weston Road, and in September 2023, three adjacent properties suitable for residential development were purchased in downtown Toronto at the address 164 - 168 Isabella Street. The objective of the purchased properties is to enhance their value. Weston Limited Partnership and Elysium Isabella Limited Partnership have been founded to develop these properties. In both projects, the land appraisal phase is expected to take 2-2.5 years, after which Weston Limited Partnership and Elysium Isabella Limited Partnership will decide whether to realize the obtained building rights through the sale of the properties or proceed with the construction phase. Despite the continued challenging economic environment, the security crisis, and rising interest rates, the Hepsor group remains profitable. We have increased the net profit for the 2023 fiscal year based on the adjusted financial forecast compared to the previous projection. Please see Hepsor AS consolidated unaudited interim report for Q3 2023: https://hepsor.ee/en/for-investors/stock/reports-2/ Consolidated statement of financial position +------------------------------------------------+---------+---------+---------+ |in thousands of euros |30-Sep-23|31-Dec-22|30-Sep-22| +------------------------------------------------+---------+---------+---------+ |Assets | | | | +------------------------------------------------+---------+---------+---------+ |Current assets | | | | +------------------------------------------------+---------+---------+---------+ |Cash and cash equivalents | 7,083| 3,754| 3,110| +------------------------------------------------+---------+---------+---------+ |Trade and other receivables | 5,578| 1,731| 1,596| +------------------------------------------------+---------+---------+---------+ |Current loan receivables | 311| 0| 100| +------------------------------------------------+---------+---------+---------+ |Inventories | 68,807| 69,760| 67,118| +------------------------------------------------+---------+---------+---------+ |Total current assets | 81,779| 75,245| 71,924| +------------------------------------------------+---------+---------+---------+ |Non-current assets | | | | +------------------------------------------------+---------+---------+---------+ |Property, plant and equipment | 193| 232| 230| +------------------------------------------------+---------+---------+---------+ |Intangible assets | 5| 7| 2| +------------------------------------------------+---------+---------+---------+ |Financial investments | 1,504| 2| 2| +------------------------------------------------+---------+---------+---------+ |Investments in associates | 384| 1,086| 209| +------------------------------------------------+---------+---------+---------+ |Non-current loan receivables | 1,766| 1,766| 1,766| +------------------------------------------------+---------+---------+---------+ |Other non-current receivables | 166| 30| 167| +------------------------------------------------+---------+---------+---------+ |Total non-current assets | 4,018| 3,123| 2,376| +------------------------------------------------+---------+---------+---------+ |Total assets | 85,797| 78,368| 74,300| +------------------------------------------------+---------+---------+---------+ |Liabilities and equity | | | | +------------------------------------------------+---------+---------+---------+ |Current liabilities | | | | +------------------------------------------------+---------+---------+---------+ |Loans and borrowings | 2,270| 22,565| 2,445| +------------------------------------------------+---------+---------+---------+ |Current lease liabilities | 26| 46| 33| +------------------------------------------------+---------+---------+---------+ |Prepayments from customers | 2,227| 3,054| 3,497| +------------------------------------------------+---------+---------+---------+ |Trade and other payables | 8,683| 4,007| 3,213| +------------------------------------------------+---------+---------+---------+ |Total current liabilities | 13,206| 29,672| 9,188| +------------------------------------------------+---------+---------+---------+ |Non-current liabilities | | | | +------------------------------------------------+---------+---------+---------+ |Loans and borrowings | 46,696| 26,015| 43,322| +------------------------------------------------+---------+---------+---------+ |Non-current lease liabilities | 68| 68| 66| +------------------------------------------------+---------+---------+---------+ |Other non-current liabilities | 2,633| 2,290| 2,692| +------------------------------------------------+---------+---------+---------+ |Total non-current liabilities | 49,397| 28,373| 46,080| +------------------------------------------------+---------+---------+---------+ |Total liabilities | 62,603| 58,045| 55,268| +------------------------------------------------+---------+---------+---------+ |Equity | | | | +------------------------------------------------+---------+---------+---------+ |Share capital | 3,855| 3,855| 3,855| +------------------------------------------------+---------+---------+---------+ |Share premium | 8,917| 8,917| 8,917| +------------------------------------------------+---------+---------+---------+ |Reserve capital | 385| 0| 0| +------------------------------------------------+---------+---------+---------+ |Retained earnings | 10,037| 7,551| 6,260| +------------------------------------------------+---------+---------+---------+ |Total equity | 23,194| 20,323| 19,032| +------------------------------------------------+---------+---------+---------+ |incl. total equity attributable to owners of the| | | | |parent | 22,150| 19,866| 18,529| +------------------------------------------------+---------+---------+---------+ |incl. non-controlling interest | 1,044| 457| 503| +------------------------------------------------+---------+---------+---------+ |Total liabilities and equity | 85,797| 78,368| 74,300| +------------------------------------------------+---------+---------+---------+ Consolidated statement of profit and loss and other comprehensive income +-------------------------------------------+-------+-------+-------+----------+ |in thousands of euros |9M 2023|9M 2022|Q3 2023|Q3 2022 | +-------------------------------------------+-------+-------+-------+----------+ | | | | | | +-------------------------------------------+-------+-------+-------+----------+ |Revenue | 36,048| 5,622| 15,458| 1,668| +-------------------------------------------+-------+-------+-------+----------+ |Cost of sales (-) |-29,224| -5,100|-13,425| -1,348| +-------------------------------------------+-------+-------+-------+----------+ |Gross profit | 6,824| 522| 2,033| 320| +-------------------------------------------+-------+-------+-------+----------+ |Marketing expenses (-) | -399| -279| -131| -106| +-------------------------------------------+-------+-------+-------+----------+ |Administrative expenses (-) | -1,110| -764| -323| -227| +-------------------------------------------+-------+-------+-------+----------+ |Other operating income | 112| 47| 30| 0| +-------------------------------------------+-------+-------+-------+----------+ |Other operating expenses (-) | -116| -45| -24| -6| +-------------------------------------------+-------+-------+-------+----------+ |Operating profit (-loss) of the year | 5,311| -519| 1,585| -19| +-------------------------------------------+-------+-------+-------+----------+ |Financial income | 1,129| 849| 83| 282| +-------------------------------------------+-------+-------+-------+----------+ |Financial expenses (-) | -1,662| -454| -478| -142| +-------------------------------------------+-------+-------+-------+----------+ |Profit before tax | 4,778| -124| 1,190| 121| +-------------------------------------------+-------+-------+-------+----------+ |Current income tax(-) | 0| -5| 0| 0| +-------------------------------------------+-------+-------+-------+----------+ |Deferred income tax | 0| 0| 0| 8| +-------------------------------------------+-------+-------+-------+----------+ |Net profit for the year | 4,778| -129| 1,190| 129| +-------------------------------------------+-------+-------+-------+----------+ | Attributable to owners of the parent | 2,272| -141| 469| 132| +-------------------------------------------+-------+-------+-------+----------+ | Non-controlling interest | 2,506| 12| 721| -3| +-------------------------------------------+-------+-------+-------+----------+ | | | | | | +-------------------------------------------+-------+-------+-------+----------+ | Other comprehensive income (-loss) | | | | | +-------------------------------------------+-------+-------+-------+----------+ |Changes related to change of ownership | 250| 135| 182| 0| +-------------------------------------------+-------+-------+-------+----------+ |Change in value of embedded derivatives | | | | | |with minority shareholders | -2,157| 18| -370| 31| +-------------------------------------------+-------+-------+-------+----------+ |Other comprehensive income (-loss) for the | | | | | |period | -1,907| 153| -188| 31| +-------------------------------------------+-------+-------+-------+----------+ | Attributable to owners of the parent | 12| -234| -28| 52| +-------------------------------------------+-------+-------+-------+----------+ | Non-controlling interest | -1,919| 387| -160| -21| +-------------------------------------------+-------+-------+-------+----------+ | | | | | | +-------------------------------------------+-------+-------+-------+----------+ |Comprehensive income (-loss) for the period| 2,871| 24| 1,002| 160| +-------------------------------------------+-------+-------+-------+----------+ | Attributable to owners of the parent | 2,284| -375| 441| 184| +-------------------------------------------+-------+-------+-------+----------+ | Non-controlling interest | 587| 399| 561| -24| +-------------------------------------------+-------+-------+-------+----------+ | | | | | | +-------------------------------------------+-------+-------+-------+----------+ |Earnings per share | | | | | +-------------------------------------------+-------+-------+-------+----------+ | Basic (euros per share) | 0.59| -0.04| 0.12| 0.03| +-------------------------------------------+-------+-------+-------+----------+ | Diluted (euros per share) | 0.59| -0.04| 0.12| 0.03| +-------------------------------------------+-------+-------+-------+----------+ Henri Laks Member of the Management Board Phone: +372 5693 9114 e-mail: henri@hepsor.ee (mailto:henri@hepsor.ee) - Hepsor AS (www.hepsor.ee) is one of the fastest growing residential and commercial real estate developers in Estonia and Latvia. Over the last twelve years Hepsor has developed more than 1,600 homes and 36,000 m2 of commercial space. Hepsor was 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 25 development projects with a total sellable space of 169,300 m2.