Börsiteade
Hepsor AS
Kategooria
Poolaastaaruanne
Kuupäev
31.07.2024 07:00:00
Pealkiri
Hepsor AS 2024. aasta II kvartali ja kuue kuu konsolideeritud auditeerimata vahearuanne
Teade
Hepsori 2024. aasta II kvartali konsolideeritud müügitulu ulatus 5,2 miljoni euroni ja puhaskahjumiks kujunes 0,56 miljonit eurot (sh emaettevõtte omanikele kuuluv osa puhaskahjumist oli 0,65 miljonit eurot). 2024. aasta I poolaasta konsolideeritud müügitulu oli kokku 7,4 miljonit eurot ja puhaskahjum 1,5 miljonit eurot (sh emaettevõtte omanikele kuuluv osa puhaskahjumist oli 1,5 miljonit eurot). 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. 2024. aasta teises kvartalis alustati ehituse ja müügiga ajaloolises Manufaktuuri 5 aadressil asuvas endise Balti Puuvilla Ketramise ja Kudumise Vabriku peahoones, tehti kolmas investeering Kanadas, sõlmiti ehitus- ja finantseerimislepingud ärihoone StokOfiss 34 ehitamiseks Riias ning alustati ka ehitustöödega. 2024. aasta II kvartali müügitulus kajastub suures osas Ojakalda Kodude korterite müük. Suurem osa 2024. aasta prognoositud müügitulust laekub II poolaastal, kui algab Manufaktuuri 7 ja Nameja Rezidence korterite üleandmine klientidele. Lisaks jätkub müük ka juba varem valminud projektides. 2024. aastaks prognoosime müügituluks kokku 43,1 miljonit eurot, puhaskasumiks 4,5 miljonit eurot ning sellest emaettevõtte osanikele kuuluvaks puhaskasumiks 2,5 miljonit eurot. Lõppenud arendusprojektid 2024. aasta kuue kuu jooksul on ostjatele üle antud 46 kodu, neist 34 kodu teises kvartalis - 30 Tallinnas ja 4 Riias. Ärikinnisvara poole pealt sõlmiti teises kvartalis nii ehitus- kui finantseerimislepingud ärihoone StokOfiss 34 ehitamiseks Riias, kus kvartali lõpu seisuga oli juba sõlmitud ka esimene üürileping. Sidusettevõttena kajastatud Hepsor P113 OÜ-le kuuluvas hoones Büroo 113-s sõlmisime uusi üürilepinguid ning käesoleva aruande estamise kuupäeva seisuga on hoone 37% ulatuses üürilepingutega kaetud (30.06.2024: 26% ning 31.03.2024: 11%). Vabade pindade osas tegeleme uute üürilepingute ettevalmistamisega ning kolmanda kvartali lõpuks prognoosime, et Büroo 113 hoones on üürilepingutega kaetud vähemalt 75% üüritavast pinnast. Ehituses ja müügis olevad arendusprojektid 2024. aasta teises kvartalis oli Hepsoril ehituses neli elukondlikku arendusprojekti kokku 377 korteriga: - Manufaktuuri 7 (150 korterit ning 453 m2 äripinda) Tallinnas, mis valmib 2024. aasta suvel. Esimesed 2 asjaõiguslepingut said sõlmitud juuni lõpus, kuid aktiivsem asjaõiguslepingute sõlmimine algas juuli keskpaigast. - Manufaktuuri 5 (149 korterit ning 1 515 m2 äripinda) Tallinnas, mille ehitusega alustati 2024. aasta II kvartalis. Valmimine on planeeritud 2026 lõpus. - Nameja Rezidence (38 korterit) Riias, mis valmib 2024. aasta kolmandas kvartalis, mil algab ka esimeste kodude üleandmine ostjatele. - Annenhof Majas (40 korterit) Riias, mille valmimine on planeeritud 2025. aasta algusesse ning suurem osa müügitulust kajastatakse samuti 2025. aastas. Võlaõiguslikke lepinguid ja kirjalikke broneeringuid on nimetatud nelja projekti peale sõlmitud 30. juuni 2024 seisuga 123-le korterile (33%). Hepsor Kanadas 2024. aasta teises kvartalis tegi Hepsor Kanadas oma kolmanda investeeringu, kus koostöös Elysium Investments Inc.'ga omandati 7 kinnistut Toronto kesklinna Leaside'i piirkonnas aadressil 17-29 Glenavy Avenue, eesmärgiga arendada sinna tulevikus elukondlik rendikorteritega kõrghoone. Kinnistu arendamiseks loodi Elysium Glenavy Limited Partnership, milles lisaks Hepsorile ja Elysiumile osalevad ka erinevad Kanada ja Euroopa investorid. Hepsorit nõustas tehingu tegemisel üks Kanada suurimaid advokaadibüroosid, Fasken ning projekti arendamisse kaasatakse kohalike nõustajate meeskond, mida juhivad rahvusvaheliselt tuntud arhitektuuribüroo Gensler Architects ning Toronto üks juhtivaid linnaplaneerimise ettevõtteid Bousfields. II kvartali lõpu seisuga on Hepsoril koos Kanada koostööpartneritega tehtud kokku kolm investeeringut: - Kinnistu aadressil 3406-3434 Weston road, Toronto (investeering tehtud 2023 II kvartal). - 3 kinnistut Torontos aadressil 164-168 Isabella street (investeering tehtud 2023 II kvartal). - 7 kinnistut Torontos aadressil 17-29 Glenavy Avenue (investeering tehtud 2024 II kvartal). Kõik investeeringud on soetatud maa väärindamise eesmärgiga, mis võtab eelduslikult aega 2-2,5 aastat. Tulevikuvaade Plaanime 2024. aasta jooksul alustada ühe uue projekti ehituse ja müügiga Lätis - Zala Jugla projekt 105 uue koduga ning soovime teha järgmised investeeringud Kanadas. Kliendid ei langeta täna küll kiireid ostuotsuseid, kuid huvi meie projektide vastu on jätkuvalt olemas, mistõttu oleme mõõdukalt optimistlikud ning jätkame olemasolevate ja uute projektide elluviimist. Täispikkuses 2024. aasta II kvartali konsolideeritud auditeerimata vahearuandega saab tutvuda Hepsori kodulehel siin: https://hepsor.ee/investorile/aktsia/aruandedjaesitlused/ Konsolideeritud finantsseisundi aruanne +---------------------------------------------+----------+----------+----------+ |tuhandetes eurodes |30.06.2024|31.12.2023|30.06.2023| +---------------------------------------------+----------+----------+----------+ | | | | | +---------------------------------------------+----------+----------+----------+ |Varad | | | | +---------------------------------------------+----------+----------+----------+ |Käibevarad | | | | +---------------------------------------------+----------+----------+----------+ |Raha ja raha ekvivalendid | 4 731| 7 604| 8 304| +---------------------------------------------+----------+----------+----------+ |Nõuded ja ettemaksed | 1 170| 1 544| 1 372| +---------------------------------------------+----------+----------+----------+ |Lühiajalised laenunõuded | 311| 311| 311| +---------------------------------------------+----------+----------+----------+ |Varud | 86 064| 77 439| 68 776| +---------------------------------------------+----------+----------+----------+ |Käibevarad kokku | 92 276| 86 898| 78 763| +---------------------------------------------+----------+----------+----------+ |Põhivarad | | | | +---------------------------------------------+----------+----------+----------+ |Materiaalne põhivara | 183| 162| 233| +---------------------------------------------+----------+----------+----------+ |Immateriaalne põhivara | 4| 4| 5| +---------------------------------------------+----------+----------+----------+ |Finantsinvesteeringud | 2 668| 2 005| 2| +---------------------------------------------+----------+----------+----------+ |Investeeringud sidusettevõtetesse | 0| 0| 912| +---------------------------------------------+----------+----------+----------+ |Pikaajalised laenunõuded | 2 161| 1 729| 3 233| +---------------------------------------------+----------+----------+----------+ |Muud pikaajalised nõuded | 271| 203| 136| +---------------------------------------------+----------+----------+----------+ |Põhivarad kokku | 5 287| 4 103| 4 521| +---------------------------------------------+----------+----------+----------+ |Varad kokku | 97 563| 91 001| 83 284| +---------------------------------------------+----------+----------+----------+ |Kohustised ja omakapital | | | | +---------------------------------------------+----------+----------+----------+ |Lühiajalised kohustised | | | | +---------------------------------------------+----------+----------+----------+ |Lühiajalised laenukohustised | 33 258| 40 600| 11 056| +---------------------------------------------+----------+----------+----------+ |Lühiajalised rendikohustised | 76| 40| 64| +---------------------------------------------+----------+----------+----------+ |Ettemaksed klientidelt | 3 399| 2 620| 3 748| +---------------------------------------------+----------+----------+----------+ |Võlad tarnijatele ja muud võlad | 6 226| 7 188| 8 570| +---------------------------------------------+----------+----------+----------+ |Lühiajalised kohustised kokku | 42 959| 50 448| 23 438| +---------------------------------------------+----------+----------+----------+ |Pikaajalised kohustised | | | | +---------------------------------------------+----------+----------+----------+ |Pikaajalised laenukohustised | 29 622| 16 305| 35 144| +---------------------------------------------+----------+----------+----------+ |Pikaajalised rendikohustised | 29| 29| 68| +---------------------------------------------+----------+----------+----------+ |Muud pikaajalised kohustised | 4 237| 2 058| 2 442| +---------------------------------------------+----------+----------+----------+ |Pikaajalised kohustised kokku | 33 888| 18 392| 37 654| +---------------------------------------------+----------+----------+----------+ |Kohustised kokku | 76 847| 68 840| 61 092| +---------------------------------------------+----------+----------+----------+ |Omakapital | | | | +---------------------------------------------+----------+----------+----------+ |Aktsiakapital | 3 855| 3 855| 3 855| +---------------------------------------------+----------+----------+----------+ |Ülekurss | 8 917| 8 917| 8 917| +---------------------------------------------+----------+----------+----------+ |Reservkapital | 385| 385| 385| +---------------------------------------------+----------+----------+----------+ |Jaotamata kasum | 7 559| 9 004| 9 035| +---------------------------------------------+----------+----------+----------+ |Omakapital kokku | 20 716| 22 161| 22 192| +---------------------------------------------+----------+----------+----------+ |sh emaettevõtte omanikele kuuluv omakapital| | | | |kokku | 19 423| 20 993| 21 709| +---------------------------------------------+----------+----------+----------+ |sh vähemusosanikele kuuluv omakapital kokku | 1 293| 1 168| 483| +---------------------------------------------+----------+----------+----------+ |Kohustised ja omakapital kokku | 97 563| 91 001| 83 284| +---------------------------------------------+----------+----------+----------+ Konsolideeritud koondkasumi aruanne +--------------------------+-----------+-----------+-------------+-------------+ | | | | II kvartal| II kvartal| |tuhandetes eurodes |6 kuud 2024|6 kuud 2023| 2024| 2023| +--------------------------+-----------+-----------+-------------+-------------+ | | | | | | +--------------------------+-----------+-----------+-------------+-------------+ |Müügitulu | 7 422| 20 590| 5 151| 14 615| +--------------------------+-----------+-----------+-------------+-------------+ |Müüdud kaupade ja teenuste| | | | | |kulu (-) | -7 045| -15 799| -4 811| -10 759| +--------------------------+-----------+-----------+-------------+-------------+ |Brutokasum | 377| 4 791| 340| 3 856| +--------------------------+-----------+-----------+-------------+-------------+ |Turustuskulud (-) | -390| -268| -205| -197| +--------------------------+-----------+-----------+-------------+-------------+ |Üldhalduskulud (-) | -889| -787| -446| -440| +--------------------------+-----------+-----------+-------------+-------------+ |Muud äritulud | 70| 82| 25| 62| +--------------------------+-----------+-----------+-------------+-------------+ |Muud ärikulud (-) | -24| -92| -6| -69| +--------------------------+-----------+-----------+-------------+-------------+ |Ärikasum/-kahjum | -856| 3 726| -292| 3 212| +--------------------------+-----------+-----------+-------------+-------------+ |Finantstulud | 201| 1 046| 164| 996| +--------------------------+-----------+-----------+-------------+-------------+ |Finantskulud (-) | -871| -1 184| -433| -759| +--------------------------+-----------+-----------+-------------+-------------+ |Kasum enne tulumaksu | -1 526| 3 588| -561| 3 449| +--------------------------+-----------+-----------+-------------+-------------+ |Aruandeperioodi puhaskasum| -1 526| 3 588| -561| 3 449| +--------------------------+-----------+-----------+-------------+-------------+ | Emaettevõtte omanikele| | | | | |kuuluv osa puhaskasumis | -1 526| 1 803| -647| 1 563| +--------------------------+-----------+-----------+-------------+-------------+ | Vähemusosalusele| | | | | |kuuluv osa puhaskasumis/-| | | | | |kahjumis | 0| 1 785| 86| 1 886| +--------------------------+-----------+-----------+-------------+-------------+ | | | | | | +--------------------------+-----------+-----------+-------------+-------------+ | Muu koondkasum/- kahjum | | | | | +--------------------------+-----------+-----------+-------------+-------------+ |Omanikuvahetusega seotud| | | | | |muutused | 76| 68| 76| 68| +--------------------------+-----------+-----------+-------------+-------------+ |Vähemusosaluse varjatud| | | | | |tuletisinstrumentide | | | | | |väärtuse muutus | 0| -1 787| 0| -1 795| +--------------------------+-----------+-----------+-------------+-------------+ |Aruandeperioodi muu| | | | | |koondkasum kokku | 76| -1 719| 76| -1 727| +--------------------------+-----------+-----------+-------------+-------------+ | Emaettevõtte omanikele| | | | | |kuuluv osa muu| | | | | |koondkasumis/-kahjumis | -44| 40| -44| 54| +--------------------------+-----------+-----------+-------------+-------------+ | Vähemusosalusele| | | | | |kuuluv osa koondkasumis | 120| -1 759| 120| -1 781| +--------------------------+-----------+-----------+-------------+-------------+ | | | | | | +--------------------------+-----------+-----------+-------------+-------------+ |Aruandeperioodi koondkasum| | | | | |kokku | -1 450| 1 869| -485| 1 722| +--------------------------+-----------+-----------+-------------+-------------+ | Emaettevõtte omanikele| | | | | |kuuluv osa koondkasumis/-| | | | | |kahjumis | -1 570| 1 843| -691| 1 617| +--------------------------+-----------+-----------+-------------+-------------+ | Vähemusosalusele| | | | | |kuuluv osa koondkasumis/-| | | | | |kahjumis | 120| 26| 206| 105| +--------------------------+-----------+-----------+-------------+-------------+ | | | | | | +--------------------------+-----------+-----------+-------------+-------------+ |Kasum aktsia kohta | | | | | +--------------------------+-----------+-----------+-------------+-------------+ | Tava (eurot aktsia| | | | | |kohta) | -0,40| 0,47| -0,17| 0,41| +--------------------------+-----------+-----------+-------------+-------------+ | Lahustatud (eurot| | | | | |aktsia kohta) | -0,40| 0,47| -0,17| 0,41| +--------------------------+-----------+-----------+-------------+-------------+ Henri Laks Juhatuse liige Telefon: +372 5693 9114 e-post: henri@hepsor.ee (https://www.globenewswire.com/Tracker?data=ELvCKTN9ozvYTM4n1RxA2VE5HK89rdqSacXk w2ZFIQRdNOJO4kzzpxQNzGCfxZCpLQmi3vzQ- e1xS6V2nKT4TCr44xQuNeeFhkrFDzWKamE9t0DCS4J1Tzcs9hjwA9lmpKtfcnofbAmlfFOrsCqdjgdZe GjSF3k_bT8GQRYNWXKapCGRBAwI1dw2TlNzgCSYjbvaCHCNxsT2ao6kY4UBbdF2A_PFXhXtuudqg9XAL FI=) ------------------------------------- Hepsor AS (www.hepsor.ee (https://www.globenewswire.com/Tracker?data=8hs4PUlwLcMQQ2B9WtUf3eTciFK6dPPJ- ORmlTJjJTS53vsBhIwHZPbS8GwF_B0GhzjeCzGHXeEHKDoC_AIp8vwensyfPg9HBzDamx2gb3Jcbe3ZO jb_djx_pVQhhJ66UDhmyzGZAReLq87g2FVH_vcacVmZ3jHI4G6sThrlTH8TzZfX85QQf9u4OmVaQm9_5 WNbJZvOuHNEoMTaxtInd47gHE40_4X4- RAQsTa_yGrMfILiJiGhrCSKvVHSC1feNtbX2D8lbs6sQinrgQV2swB_PGOvW6FlBbREb3JxpQOTRZYEd KAETiPv372ujyui1BBWTRL7YM7WFBLgEFmJYyLWERfd5ud2hmzkvtLV30PLH65hxwLWYZAURdV7WbtWK 8ECbTXC81ct53ByPz8GdR6rUWfuY_U7hguAe4a09nkmdgqZQ7wkXfIVpEz4iesxEEnxcj8yIp67- YfiwTjN9e7ikc0LreTLEZDPmTj7vbUvRujUn9Ekn2eQ4DpynbyUDQtPX- zJfaNgQzVe2QVjmVT0c1x_RUfo24YPxlz51E69ut0QkIvyvIqmsM5oy83UgTQMtzWTRoZHLG3Z31CXfK zKukIfa81mZWEXRMvWrRIttawuEz89guONyxM3SogUKoBImouHfz5vknQNx8CtzIopoqPi67ylm5FvAz 634oCYKbj-gjko- vziDVrna0le8L6dOS1EkrFjS_wxcYqZCYovwVXxhXF6mgbufH_F2rjtFKzM581Y5qCTqx_boB1XoDfY9 wCZrft3y_GjPmfpAXKFYVarCiz86g_T6fWCLy- 6PHOB6uwujdc7no7Inrwr0nYZbpsBzEQFTTlsZADmjx6Vw--4OIElSpIGuuNsKwWvxAjr7X7OgOEsM_- DlfHyymgsgOyBJscjLaALfJWg6lHrIHhxv-CJRQvd5fQRvXOikyqJbskabhdfxZYxoUi5x-dJ9uYLMMG dIGxfXgrFje25qhAdFdORQmgGJ3kEaABraCNaGQGdeiuFW3874aUjA-5H9GQKhZk4CpXAufdau01P58Z mAjq_AH2kAA7DwLiuWU08c2oz9O_j-0la9EZvod0naok26p_UFAcly7nJUn1rCg7zpHga-6tN-IBdna6 eOC5K3TbrKVx_6j2H75OQFfL8GbpevwGFcHP6vePDxfLjZMR1Z8QX-kTzSh0e7t_E2uyyCQ1mpzA7CmI lPDfIDM1P8hd7Q0QFEFvcTmQZK47UXyZLqn3w_298Gnj0VEsLKfKbxLFD6OuE4KcjLN91zFhNBIF-m2j Q4kyRD5J3iyVlCG1NyZ4EGhs63PshxndfkV9AYs-rJeX56uQj8v2H5Xw83emy7fRJNZ4sW0VsgxGFvoB LELA4Um7Vj1S2NrG7z3osCQXUMPdVM8OqfS97vv7Kz0Urkho3bul0FyOn6OCTY-faOKRXC_CTe5JDyId dsp1YnSTsN2ey9bmYW1nex8ubv9N9-quCKQ2wHIiX9w==)) on üks kiiremini kasvavaid elu- ja ärikondliku kinnisvara arendajaid Eestis ja Lätis, kes tegutseb alates 2023. aastast ka Kanada kinnisvaraturul. Kolmeteistkümne tegutsemisaasta jooksul oleme loonud üle 1800 kodu ja ligi 36 000 m2 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 173 700 m(2).
Pealkiri
Hepsor AS consolidated unaudited interim report for Q2 2024 and six months
Teade
The consolidated sales revenue of Hepsor AS amounted to 5.2 million euros in the
second quarter of 2024 and the net loss was 0.56 million euros (including a net
loss attributable to the owners of the parent of 0.65 million euros). The
consolidated sales revenue for the six months of 2024 was a total of 7.4 million
euros, with a net loss of 1.5 million euros (including the net loss attributable
to the owners of the parent company, which was 1.5 million euros).
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 second quarter of 2024, construction and sales began at the historic main
building of the former Baltic Cotton Spinning and Weaving Factory located at
Manufaktuuri 5. Also, the third investment in Canada was made, construction and
financing agreements were signed for the construction of the StokOfiss 34
business building in Riga, and construction work has already commenced.
A large portion of the sales revenue for the second quarter of 2024 is
attributed to the sale of apartments in the Ojakalda Kodud project. Most of the
forecasted sales revenue for 2024 is expected to be received in the second half
of the year, when the signing of real rights contracts for the Manufaktuuri 7
and Nameja Rezidence apartments begins. Additionally, sales will continue for
already completed projects.
In 2024, we forecast sales revenue of EUR43.1 million, net profit of EUR4.5 million,
and net profit attributable to the parent company's shareholders of EUR2.5
million.
Completed development projects
In the first six months of 2024, 46 homes were handed over to buyers, 34 of
which were handed over in the second quarter - 30 homes in Tallinn and 4 homes
in Riga.
In terms of commercial real estate, construction and financing agreements were
signed in the second quarter for the construction of the StokOfiss 34 business
building in Riga, with the first lease agreement already signed by the end of
the quarter. For Büroo 113, building belonging to an associate company Hepsor
P113 OÜ, we signed new lease agreements, and as of the date of this report, 37%
of the building is covered by lease agreements (30.06.2024: 26% and
31.03.2024: 11%). We are preparing new lease agreements for the remaining spaces
and forecast that at least 75% of the rentable area in Büroo 113 will be covered
by lease agreements by the end of Q3.
Development projects under construction and available for sale
In the second quarter of 2024, Hepsor had four residential development projects
under construction, totaling 377 apartments:
* Manufaktuuri 7 (150 apartments and 453 m2 of commercial space) in Tallinn,
set to be completed in the summer. The first two real rights contracts were
signed at the end of June, with more active signing starting in mid-July.
* Manufaktuuri 5 (149 apartments and 1,515 m² of commercial space) in Tallinn,
whose construction began in the second quarter of 2024. Completion is
planned for the end of 2026.
* Nameja Rezidence (38 apartments) in Riga, scheduled for completion in the
third quarter of 2024, and first homes will be handed over to buyers also at
that time.
* Annenhof House (40 apartments) in Riga, expected to be completed in early
2025, with most of the sales revenue also reflected in 2025.
As of June 30, 2024, contracts under the law of obligations and written
reservations have been made for a total of 123 apartments (33%) across these
four projects.
Hepsor in Canada
In the second quarter of 2024, Hepsor made its third investment in Canada, in
collaboration with Elysium Investments Inc., by acquiring seven properties at
17-29 Glenavy Avenue in the Leaside area of downtown Toronto. The aim is to
develop a residential high-rise building with rental apartments in the future.
To develop the property, Elysium Glenavy Limited Partnership was established,
which includes participation from various Canadian and European investors in
addition to Hepsor and Elysium. Hepsor was advised on the transaction by Fasken,
one of Canada's largest law firms, and the project development will involve a
team of local advisors led by the internationally renowned architectural firm
Gensler Architects and one of Toronto's leading urban planning companies,
Bousfields.
As of the end of the second quarter, Hepsor, together with its Canadian
partners, has made three investments:
- A property located at 3406-3434 Weston Road, Toronto (investment made in Q2
2023).
- 3 properties in Toronto at the address 164-168 Isabella Street (investment
made in Q2 2023).
- 7 properties in Toronto at 17-29 Glenavy Avenue (investment made Q2 2024).
All those properties have been acquired for the purpose of land development,
which is expected to take approximately 2-2.5 years.
Outlook for 2024
Hepsor plans to start the construction and sales of another new project in
Latvia in 2024 - the Zala Jugla project with 105 new homes - and we aim to make
further investments in Canada. While customers are not making quick purchasing
decisions today, there is still ongoing interest in our projects. Therefore, we
remain moderately optimistic and continue with the execution of existing and new
projects.
Please see Hepsor AS consolidated unaudited interim report for Q2
2024: https://hepsor.ee/en/for-investors/stock/reports-2/
(https://www.globenewswire.com/Tracker?data=iQbFRwwJzcvH7f7hheYRn-
w0Ek3TqZgBHX8shjgCzj5rx5Aiiz1w7DCyF6feILkLfKa_FVxKjNjy4W2MOlBxpv6D5E7BWJsnQAO1Bk
ek90OpwRuII4xhLkJHE5ZnJw8x5gTnIMUa3K3aoYux9benyhRW4eHBHeBWJKj6G-
yu8jXQUaiXccndBIftf8grRJMPCiLmVzFl6PR8yFEYBt_TfVomxxLABG2nIjR1M_lvjjWN8pJHLSks1S
K67oFDLFnMxEfUFpLYoI-CV3VvXLs1q0B2k2fW7gN7Ii36YQo7hhi3Z78j-XVT_pwWjwvh6ef92i-
zhJ5AuZzf0RcF1YRaWXLy6Gf-6ZHfnz2w_bmvP1nseqrvXYo2Jk88vlgBfaMhTIhSyOpl_UmSUB0mgw-
YedVa-oOh8oBAsvw71hy1n8E=)
Consolidated statement of financial position
+------------------------------------------------+---------+---------+---------+
|in thousands of euros |30-Jun-24|31-Dec-23|30-Jun-23|
+------------------------------------------------+---------+---------+---------+
| | | | |
+------------------------------------------------+---------+---------+---------+
|Assets | | | |
+------------------------------------------------+---------+---------+---------+
|Current assets | | | |
+------------------------------------------------+---------+---------+---------+
|Cash and cash equivalents | 4,731| 7,604| 8,304|
+------------------------------------------------+---------+---------+---------+
|Trade and other receivables | 1,170| 1,544| 1,372|
+------------------------------------------------+---------+---------+---------+
|Current loan receivables | 311| 311| 311|
+------------------------------------------------+---------+---------+---------+
|Inventories | 86,064| 77,439| 68,776|
+------------------------------------------------+---------+---------+---------+
|Total current assets | 92,276| 86,898| 78,763|
+------------------------------------------------+---------+---------+---------+
|Non-current assets | | | |
+------------------------------------------------+---------+---------+---------+
|Property, plant and equipment | 183| 162| 233|
+------------------------------------------------+---------+---------+---------+
|Intangible assets | 4| 4| 5|
+------------------------------------------------+---------+---------+---------+
|Financial investments | 2,668| 2,005| 2|
+------------------------------------------------+---------+---------+---------+
|Investments in associates | 0| 0| 912|
+------------------------------------------------+---------+---------+---------+
|Non-current loan receivables | 2,161| 1,729| 3,233|
+------------------------------------------------+---------+---------+---------+
|Other non-current receivables | 271| 203| 136|
+------------------------------------------------+---------+---------+---------+
|Total non-current assets | 5,287| 4,103| 4,521|
+------------------------------------------------+---------+---------+---------+
|Total assets | 97,563| 91,001| 83,284|
+------------------------------------------------+---------+---------+---------+
|Liabilities and equity | | | |
+------------------------------------------------+---------+---------+---------+
|Current liabilities | | | |
+------------------------------------------------+---------+---------+---------+
|Loans and borrowings | 33,258| 40,600| 11,056|
+------------------------------------------------+---------+---------+---------+
|Current lease liabilities | 76| 40| 64|
+------------------------------------------------+---------+---------+---------+
|Prepayments from customers | 3,399| 2,620| 3,748|
+------------------------------------------------+---------+---------+---------+
|Trade and other payables | 6,226| 7,188| 8,570|
+------------------------------------------------+---------+---------+---------+
|Total current liabilities | 42,959| 50,448| 23,438|
+------------------------------------------------+---------+---------+---------+
|Non-current liabilities | | | |
+------------------------------------------------+---------+---------+---------+
|Loans and borrowings | 29,622| 16,305| 35,144|
+------------------------------------------------+---------+---------+---------+
|Non-current lease liabilities | 29| 29| 68|
+------------------------------------------------+---------+---------+---------+
|Other non-current liabilities | 4,237| 2,058| 2,442|
+------------------------------------------------+---------+---------+---------+
|Total non-current liabilities | 33,888| 18,392| 37,654|
+------------------------------------------------+---------+---------+---------+
|Total liabilities | 76,847| 68,840| 61,092|
+------------------------------------------------+---------+---------+---------+
|Equity | | | |
+------------------------------------------------+---------+---------+---------+
|Share capital | 3,855| 3,855| 3,855|
+------------------------------------------------+---------+---------+---------+
|Share premium | 8,917| 8,917| 8,917|
+------------------------------------------------+---------+---------+---------+
|Reserves | 385| 385| 385|
+------------------------------------------------+---------+---------+---------+
|Retained earnings | 7,559| 9,004| 9,035|
+------------------------------------------------+---------+---------+---------+
|Total equity | 20,716| 22,161| 22,192|
+------------------------------------------------+---------+---------+---------+
|incl. total equity attributable to owners of the| | | |
|parent | 19,423| 20,993| 21,709|
+------------------------------------------------+---------+---------+---------+
|incl. non-controlling interest | 1,293| 1,168| 483|
+------------------------------------------------+---------+---------+---------+
|Total liabilities and equity | 97,563| 91,001| 83,284|
+------------------------------------------------+---------+---------+---------+
Consolidated statement of profit and loss and other comprehensive income
+-------------------------------------------+--------+-------+-------+---------+
|in thousands of euros |6 M 2024|6M 2023|Q2 2024|Q2 2023 |
+-------------------------------------------+--------+-------+-------+---------+
| | | | | |
+-------------------------------------------+--------+-------+-------+---------+
|Revenue | 7,422| 20,590| 5,151| 14,615|
+-------------------------------------------+--------+-------+-------+---------+
|Cost of sales (-) | -7,045|-15,799| -4,811| -10,759|
+-------------------------------------------+--------+-------+-------+---------+
|Gross profit | 377| 4,791| 340| 3,856|
+-------------------------------------------+--------+-------+-------+---------+
|Marketing expenses (-) | -390| -268| -205| -197|
+-------------------------------------------+--------+-------+-------+---------+
|Administrative expenses (-) | -889| -787| -446| -440|
+-------------------------------------------+--------+-------+-------+---------+
|Other operating income | 70| 82| 25| 62|
+-------------------------------------------+--------+-------+-------+---------+
|Other operating expenses (-) | -24| -92| -6| -69|
+-------------------------------------------+--------+-------+-------+---------+
|Operating profit (-loss) of the year | -856| 3,726| -292| 3,212|
+-------------------------------------------+--------+-------+-------+---------+
|Financial income | 201| 1,046| 164| 996|
+-------------------------------------------+--------+-------+-------+---------+
|Financial expenses (-) | -871| -1,184| -433| -759|
+-------------------------------------------+--------+-------+-------+---------+
|Profit before tax | -1,526| 3,588| -561| 3,449|
+-------------------------------------------+--------+-------+-------+---------+
|Net profit (-loss) for the year | -1,526| 3,588| -561| 3,449|
+-------------------------------------------+--------+-------+-------+---------+
| Attributable to owners of the parent | -1,526| 1,803| -647| 1,563|
+-------------------------------------------+--------+-------+-------+---------+
| Non-controlling interest | 0| 1,785| 86| 1,886|
+-------------------------------------------+--------+-------+-------+---------+
| | | | | |
+-------------------------------------------+--------+-------+-------+---------+
| Other comprehensive income (-loss) | | | | |
+-------------------------------------------+--------+-------+-------+---------+
|Changes related to change of ownership | 76| 68| 76| 68|
+-------------------------------------------+--------+-------+-------+---------+
|Change in value of embedded derivatives| | | | |
|with minority shareholders | 0| -1,787| 0| -1,795|
+-------------------------------------------+--------+-------+-------+---------+
|Other comprehensive income (-loss) for the| | | | |
|period | 76| -1,719| 76| -1,727|
+-------------------------------------------+--------+-------+-------+---------+
| Attributable to owners of the parent | -44| 40| -44| 54|
+-------------------------------------------+--------+-------+-------+---------+
| Non-controlling interest | 120| -1,759| 120| -1,781|
+-------------------------------------------+--------+-------+-------+---------+
| | | | | |
+-------------------------------------------+--------+-------+-------+---------+
|Comprehensive income (-loss) for the period| -1,450| 1,869| -485| 1,722|
+-------------------------------------------+--------+-------+-------+---------+
| Attributable to owners of the parent | -1,570| 1,843| -691| 1,617|
+-------------------------------------------+--------+-------+-------+---------+
| Non-controlling interest | 120| 26| 206| 105|
+-------------------------------------------+--------+-------+-------+---------+
| | | | | |
+-------------------------------------------+--------+-------+-------+---------+
|Earnings per share | | | | |
+-------------------------------------------+--------+-------+-------+---------+
| Basic (euros per share) | -0.40| 0.47| -0.17| 0.41|
+-------------------------------------------+--------+-------+-------+---------+
| Diluted (euros per share) | -0.40| 0.47| -0.17| 0.41|
+-------------------------------------------+--------+-------+-------+---------+
Henri Laks
Member of the Management Board
Phone: +372 5693 9114
e-mail: henri@hepsor.ee
--------------------------------------------------
Hepsor AS (www.hepsor.ee (http://www.hepsor.ee)) is one of the fastest growing
residential and commercial real estate developers in Estonia and
Latvia, operating also in the Canadian real estate market since 2023. Over the
last thirteen years Hepsor has developed more than 1,800 homes and 36,000 m2 of
commercial space. Hepsor was the first real estate developer in the Baltic
States to implement several 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 173,700 m2.