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Hepsor AS
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Majandusaasta aruanne
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19.04.2024 07:00:00
Pealkiri
Hepsor AS-i auditeeritud majandusaasta aruanne 2023
Teade
Hepsor AS-i juhatus on koostanud 2023. aasta majandusaasta auditeeritud aruande. Võrreldes 14. veebruaril 2024 avaldatud auditeerimata majandustulemustega ei ole auditeeritud aruandes finantstulemuste osas olulisi erinevusi. Hepsori 2023. aasta konsolideeritud müügitulu ulatus 41,1 miljoni euroni ja puhaskasumiks kujunes 3,5 miljonit eurot (sh emaettevõtte omanikele kuuluv osa 1,2 miljonit eurot). Lõppenud arendusprojektid - 2023. aasta jooksul anti klientidele üle kokku 274 uut kodu (asjaõiguslepingute arv) Paevälja hoovimajade ja Lilleküla Kodude projektist Tallinnas ning Kuldigas Parks, M?rupes D?rzs ning Str?lnieku 4b projektides Riias. Kuldigas Parks projektis said aasta lõpuga kõik kodud müüdud. Ärikinnisvara osas müüsime teises kvartalis Riias asuva Ulbrokas 30 kinnistu koos Hepsori poolt arendatud StokOfiss 30 ärihoonega ning Tallinnas asuvad Tooma tänava kinnistud. Lisaks valmis teise kvartali lõpuks Tallinnas rohelise mõtteviisiga Grüne Maja, mille viimased pinnad anti perioodi lõpuks üürnikele üle. Büroohoone on neljanda kvartali lõpu seisuga 100% üürilepingutega kaetud. Sidusettevõttena kajastatud Büroo 113 puhul pidi Hepsor septembri alguses üürniku poolse üürilepingu rikkumise tõttu üürilepingu ühepoolselt üles ütlema, mille tulemusena vabanes ca 3 500 m2 äripinda. Büroo 113 kontekstis oleme keskendunud läbirääkimistele uute üürnikega, huvi ja läbirääkimiste hulk on igati arvestatav. Paralleelselt on pooleli kohtuvaidlus endise üürnikuga. Ehituses ja müügis olevad arendusprojektid - 2023. aastal on Hepsoril ehituses neli elukondlikku arendusprojekti kokku 329. korteriga - Ojakalda Kodud (101 korterit) ja Manufaktuuri 7 (150 korterit ning 453 m2 äripinda) Tallinnas ning Nameja Rezidence (38 korterit) ja Annenhof Majas (40 korterit) Riias. Nende projektide valmimine on plaanitud 2024 aastasse ning enamus müügitulu kajastatakse samuti 2024. aastal, kuid võlaõiguslikke lepinguid ja kirjalikke broneeringuid oli nimetatud nelja projekti peale sõlmitud 31. detsember 2023 seisuga 135-le korterile (41%). Uued projektid Tallinnas ja Riias - Hepsor omandas augustis 2023 uued kinnistud Lätis soetades 50% SIA "Riga Properties 4" osadest. Eesmärk on Riia lähistel Dreilini piirkonnas asuvatele kinnistutele arendada etapiviisiliselt 40 000 m2 äripindasid. Kinnistud asuvad atraktiivses piirkonnas, kus juba paiknevad IKEA kauplus ja SAGA ostukeskus. Hepsor AS 50%-line tütarettevõte Hepsor VT49 OÜ omandas novembris 2023 kaks kinnistut Harju maakonnas Rae vallas. Ostetud kinnistutel on olemas detailplaneering, mis lubab sinna rajada 4 500 m2 üüritava pinnaga ärihoone. 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. Kahe aastaga on Kanadas ülesehitatud äri alustamiseks vajalik koostöövõrgustik alates juriidilistest- ja finantsnõustajatest ning lõpetades pankade, turuanalüüsi- ning maaklerettevõtetega ning tehtud kaks investeeringut Toronto kinnistutesse aadressidel 3406-3434 Weston road ja 164 - 168 Isabella street. Eesmärk on ostetud kinnistuid väärindada, mis võtab eelduslikult aega 2-2,5 aastat. Kokkuvõte ja tulevikuvaade Kontsernile tervikuna oli 2023. aasta kasumlik vaatamata jätkuvalt keerulisele majanduskeskonnale ning kõrgel püsivatele intressimääradele. 2024. aastal soovime alustada vähemalt kolme uue projekti ehituse ja müügiga. Lätis plaanime alustada kahe projekti ehituse ja müügiga - Ulbrokas 34 ärihoone üüritava pinnaga ca 9 000 m2 ja Zala Jugla projekt 105 uue koduga. Tallinnas, Manufaktuuri kvartalis, kavandame järgmise etapi ehitust ja müüki aadressil Manufaktuuri 5. Rekonstrueerime endise Balti Puuvilla Ketramise ja Kudumise Vabriku peahoone A energiklassi hooneks, kuhu rajame äärmiselt omanäolised kõrgete lagedega ning maakütte- ja jahutusega energitõhusad kodud ja äripinnad. Projekti müügiga startisime 2024 I kvartalis. Oleme Hepsoris endiselt mõõdukad optimistid ning vaatame kinnisvaraäri kui pikaajalist protsessi. Soovime projekte käivitada ja arendada, analüüsides riske ning võimalusi, alati üle turutsüklite. Konsolideeritud finantsseisundi aruanne +---------------------------------------------------+------------+------------+ | tuhandetes eurodes | 31.12.2023 | 31.12.2022 | +---------------------------------------------------+------------+------------+ | | | | +---------------------------------------------------+------------+------------+ | Varad | | | +---------------------------------------------------+------------+------------+ | Käibevarad | | | +---------------------------------------------------+------------+------------+ | Raha ja raha ekvivalendid | 7 604 | 3 754 | +---------------------------------------------------+------------+------------+ | Nõuded ja ettemaksed | 1 544 | 1 731 | +---------------------------------------------------+------------+------------+ | Lühiajalised laenunõuded | 311 | 0 | +---------------------------------------------------+------------+------------+ | Varud | 77 439 | 69 760 | +---------------------------------------------------+------------+------------+ | Käibevarad kokku | 86 898 | 75 245 | +---------------------------------------------------+------------+------------+ | Põhivarad | | | +---------------------------------------------------+------------+------------+ | Materiaalne põhivara | 162 | 232 | +---------------------------------------------------+------------+------------+ | Immateriaalne põhivara | 4 | 7 | +---------------------------------------------------+------------+------------+ | Finantsinvesteeringud | 2 005 | 2 | +---------------------------------------------------+------------+------------+ | Investeeringud sidusettevõtetesse | 0 | 1 086 | +---------------------------------------------------+------------+------------+ | Pikaajalised laenunõuded | 1 729 | 1 766 | +---------------------------------------------------+------------+------------+ | Muud pikaajalised nõuded | 203 | 30 | +---------------------------------------------------+------------+------------+ | Põhivarad kokku | 4 103 | 3 123 | +---------------------------------------------------+------------+------------+ | Varad kokku | 91 001 | 78 368 | +---------------------------------------------------+------------+------------+ | Kohustised ja omakapital | | | +---------------------------------------------------+------------+------------+ | Lühiajalised kohustised | | | +---------------------------------------------------+------------+------------+ | Lühiajalised laenukohustised | 40 600 | 22 565 | +---------------------------------------------------+------------+------------+ | Lühiajalised rendikohustised | 40 | 46 | +---------------------------------------------------+------------+------------+ | Võlad tarnijatele, muud võlad ja ettemaksed | 9 808 | 7 061 | +---------------------------------------------------+------------+------------+ | Lühiajalised kohustised kokku | 50 448 | 29 672 | +---------------------------------------------------+------------+------------+ | Pikaajalised kohustised | | | +---------------------------------------------------+------------+------------+ | Pikaajalised laenukohustised | 16 305 | 26 015 | +---------------------------------------------------+------------+------------+ | Pikaajalised rendikohustised | 29 | 68 | +---------------------------------------------------+------------+------------+ | Muud pikaajalised kohustised | 2 058 | 2 290 | +---------------------------------------------------+------------+------------+ | Pikaajalised kohustised kokku | 18 392 | 28 373 | +---------------------------------------------------+------------+------------+ | Kohustised kokku | 68 840 | 58 045 | +---------------------------------------------------+------------+------------+ | Omakapital | | | +---------------------------------------------------+------------+------------+ | Aktsiakapital | 3 855 | 3 855 | +---------------------------------------------------+------------+------------+ | Ülekurss | 8 917 | 8 917 | +---------------------------------------------------+------------+------------+ | Reservkapital | 385 | 0 | +---------------------------------------------------+------------+------------+ | Jaotamata kasum | 9 004 | 7 551 | +---------------------------------------------------+------------+------------+ | Omakapital kokku | 22 161 | 20 323 | +---------------------------------------------------+------------+------------+ | sh emaettevõtte omanikele kuuluv omakapital kokku | 20 993 | 19 866 | +---------------------------------------------------+------------+------------+ | sh vähemusosanikele kuuluv omakapital kokku | 1 168 | 457 | +---------------------------------------------------+------------+------------+ | Kohustised ja omakapital kokku | 91 001 | 78 368 | +---------------------------------------------------+------------+------------+ Konsolideeritud koondkasumi aruanne +--------------------------------------------------------------+-------+-------+ |tuhandetes eurodes | 2023| 2022| +--------------------------------------------------------------+-------+-------+ | | | | +--------------------------------------------------------------+-------+-------+ |Müügitulu | 41 135| 12 870| +--------------------------------------------------------------+-------+-------+ |Müüdud kaupade ja teenuste kulu (-) |-34 067|-11 096| +--------------------------------------------------------------+-------+-------+ |Brutokasum | 7 068| 1 774| +--------------------------------------------------------------+-------+-------+ |Turustuskulud (-) | -576| -446| +--------------------------------------------------------------+-------+-------+ |Üldhalduskulud (-) | -1 472| -1 095| +--------------------------------------------------------------+-------+-------+ |Muud äritulud | 166| 70| +--------------------------------------------------------------+-------+-------+ |Muud ärikulud (-) | -152| -68| +--------------------------------------------------------------+-------+-------+ |Ärikasum | 5 034| 235| +--------------------------------------------------------------+-------+-------+ |Finantstulud | 1 192| 1 889| +--------------------------------------------------------------+-------+-------+ |Finantskulud (-) | -2 746| -787| +--------------------------------------------------------------+-------+-------+ |Kasum enne tulumaksu | 3 480| 1 337| +--------------------------------------------------------------+-------+-------+ |Tasumisele kuuluv tulumaks | 0| -6| +--------------------------------------------------------------+-------+-------+ |Aruandeperioodi puhaskasum/-kahjum | 3 480| 1 331| +--------------------------------------------------------------+-------+-------+ | Emaettevõtte omanikele kuuluv osa puhaskasumis/-kahjumis| 1 185| 1 396| +--------------------------------------------------------------+-------+-------+ | Vähemusosalusele kuuluv osa puhaskasumis/-kahjumis| 2 295| -65| +--------------------------------------------------------------+-------+-------+ | | | | +--------------------------------------------------------------+-------+-------+ |Koondkasum/-kahjum | | | +--------------------------------------------------------------+-------+-------+ | | | | +--------------------------------------------------------------+-------+-------+ |Omanikuvahetusega seotud muutused | 286| -26| +--------------------------------------------------------------+-------+-------+ |Varjatud tuletisinstrumentide väärtuse muutus | -2 053| 10| +--------------------------------------------------------------+-------+-------+ |Aruandeperioodi muu koondkasum/-kahjum | -1 767| -16| +--------------------------------------------------------------+-------+-------+ | Emaettevõtte omanikele kuuluv osa muu koondkasumis/-| | | | kahjumis| -58| -434| +--------------------------------------------------------------+-------+-------+ | Vähemusosalusele kuuluv osa muu koondkasumis/-kahjumis| -1 709| 418| +--------------------------------------------------------------+-------+-------+ |Aruandeperioodi koondkasum/-kahjum | 1 713| 1 315| +--------------------------------------------------------------+-------+-------+ | Emaettevõtte omanikele kuuluv osa koondkasumis| 1 127| 962| +--------------------------------------------------------------+-------+-------+ | Vähemusosalusele kuuluv osa koondkasumis| 586| 353| +--------------------------------------------------------------+-------+-------+ |Kasum aktsia kohta | | | +--------------------------------------------------------------+-------+-------+ | Tava (eurot aktsia kohta) | 0,31| 0,36| +--------------------------------------------------------------+-------+-------+ | Lahustatud (eurot aktsia kohta) | 0,31| 0,36| +--------------------------------------------------------------+-------+-------+ Hepsor AS-i auditeeritud aastaaruanne 2023 on lisatud sellele teatele ning aruandega saab tutvuda ka Hepsori kodulehel: https://hepsor.ee/investorile/aktsia/aruandedjaesitlused/. Aastaaruanne esitatakse kinnitamiseks aktsionäride üldkoosolekule. 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 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 25 arendusprojekti kogupindalaga 171 800 m(2).
Pealkiri
Hepsor AS 2023 audited annual report
Teade
The Management Board of Hepsor AS has prepared the audited annual report for 2023. Compared to the unaudited interim report published on 14 February 2024, there are no material differences in the audited report. The consolidated sales revenue of Hepsor for the 2023 financial year amounted to 41.1 million euros and the net profit was 3.5 million euros (including a share of 1.2 million euros for the parent company's owners). Completed development projects - During the 2023, a total of 274 new homes were handed over to customers (number of real rights contracts) from the Paevälja Courtyard Homes and Lilleküla Homes projects in Tallinn, as well as from the Kuldigas Parks, M?rupes D?rzs, and Str?lnieku 4b projects in Riga. By the end of the year, all homes in the Kuldigas Parks project were sold. In the commercial real estate segment, we sold the Ulbrokas 30 property with the StokOfiss 30 office building in Riga developed by Hepsor, and properties on Tooma Street in Tallinn in the second quarter. In addition, by the end of the second quarter, the environmentally friendly Grüne Maja in Tallinn was completed, with the last spaces handed over to tenants by the end of the period. As of the end of 2023, the office building is 100% covered with lease agreements. Regarding the associate company Büroo 113, Hepsor had to terminate the lease unilaterally in early September due to a breach of the lease agreement by a tenant, resulting in the availability of approximately 3,500 m2 of commercial space. In the context of Büroo 113, we have focused on negotiations with new tenants. Simultaneously, there is an ongoing legal dispute with the former tenant. Development projects under construction and available for sale - In 2023, Hepsor has four residential development projects with a total of 329 apartments under construction - Ojakalda Homes (101 apartments) and Manufaktuuri 7 (150 apartments and 453 m2 of commercial space) in Tallinn and Nameja Residence (38 apartments) and Annenhof Majas (40 apartments) in Riga. The completion of these projects is scheduled for 2024, and most of the revenue will also be recognized in 2024. However, as of December 31, 2023, contracts under law of obligations and written reservations have been made for a total of 135 apartments (41%) across these four projects. New Projects in Tallinn and Riga - In August 2023, Hepsor acquired new properties in Latvia by purchasing 50% of the shares of SIA "Riga Properties 4". The goal is to gradually develop 40,000 square meters of commercial space on the properties located in the Dreilini area near Riga. The properties are situated in an attractive area where IKEA store and SAGA shopping center are already located. Hepsor AS's 50% subsidiary, Hepsor VT49 OÜ, acquired two properties in Rae Parish, Harju County, in November 2023. The purchased properties have detailed planning permission, allowing for the construction of a commercial building with 4,500 square meters of leasable space. Hepsor in Canada - Hepsor initiated the development of its Canadian business line in the spring of 2022, following the start of Russia's military invasion into Ukraine, with the aim of finding new growth opportunities and mitigating geopolitical risks associated with current home markets. Within two years, 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. Also two investments have been made in Toronto properties at the addresses 3406-3434 Weston road and 164 - 168 Isabella street. The objective of the purchased properties is to enhance their value, which will presumably take 2-2.5 years. Conclusion and Outlook for 2024 Despite the persistently challenging economic environment and high prevailing interest rates, the Group remained profitable in 2023. In 2024, we plan to commence construction and sales for at least three new projects. We will start two new projects in Latvia. These include the Ulbrokas 34 commercial building, offering approximately 9,000 m2 of leasable space, and the Zala Jugla project featuring 105 new homes. In Tallinn, within the Manufaktuuri Quarter, we envision the next phase of development and sales at Manufaktuuri 5. We will be transforming the former Baltic Cotton Spinning and Weaving Factory main building into an energy-efficient Class A building, featuring unique high-ceilinged homes and commercial spaces with geothermal heating and cooling. Sales for this project began already in the first quarter of 2024. At Hepsor, we remain moderately optimistic and view real estate as a long-term endeavour. We aim to launch and develop projects over market cycles while carefully analyzing risks and opportunities. Consolidated statement of financial position +-------------------------------------------------------+---------+---------+ |in thousands of euros |31-Dec-23|31-Dec-22| +-------------------------------------------------------+---------+---------+ | | | | +-------------------------------------------------------+---------+---------+ |Assets | | | +-------------------------------------------------------+---------+---------+ |Current assets | | | +-------------------------------------------------------+---------+---------+ |Cash and cash equivalents | 7,604| 3,754| +-------------------------------------------------------+---------+---------+ |Trade and other receivables | 1,544| 1,731| +-------------------------------------------------------+---------+---------+ |Current loan receivables | 311| 0| +-------------------------------------------------------+---------+---------+ |Inventories | 77,439| 69,760| +-------------------------------------------------------+---------+---------+ |Total current assets | 86,898| 75,245| +-------------------------------------------------------+---------+---------+ |Non-current assets | | | +-------------------------------------------------------+---------+---------+ |Property, plant and equipment | 162| 232| +-------------------------------------------------------+---------+---------+ |Intangible assets | 4| 7| +-------------------------------------------------------+---------+---------+ |Financial investments | 2,005| 2| +-------------------------------------------------------+---------+---------+ |Investments in associates | 0| 1,086| +-------------------------------------------------------+---------+---------+ |Non-current loan receivables | 1,729| 1,766| +-------------------------------------------------------+---------+---------+ |Other non-current receivables | 203| 30| +-------------------------------------------------------+---------+---------+ |Total non-current assets | 4,103| 3,123| +-------------------------------------------------------+---------+---------+ |Total assets | 91,001| 78,368| +-------------------------------------------------------+---------+---------+ |Liabilities and equity | | | +-------------------------------------------------------+---------+---------+ |Current liabilities | | | +-------------------------------------------------------+---------+---------+ |Loans and borrowings | 40,600| 22,565| +-------------------------------------------------------+---------+---------+ |Current lease liabilities | 40| 46| +-------------------------------------------------------+---------+---------+ |Trade and other payables and prepayments | 9,808| 7,061| +-------------------------------------------------------+---------+---------+ |Total current liabilities | 50,448| 29,672| +-------------------------------------------------------+---------+---------+ |Non-current liabilities | | | +-------------------------------------------------------+---------+---------+ |Loans and borrowings | 16,305| 26,015| +-------------------------------------------------------+---------+---------+ |Non-current lease liabilities | 29| 68| +-------------------------------------------------------+---------+---------+ |Other non-current liabilities | 2,058| 2,290| +-------------------------------------------------------+---------+---------+ |Total non-current liabilities | 18,392| 28,373| +-------------------------------------------------------+---------+---------+ |Total liabilities | 68,840| 58,045| +-------------------------------------------------------+---------+---------+ |Equity | | | +-------------------------------------------------------+---------+---------+ |Share capital | 3,855| 3,855| +-------------------------------------------------------+---------+---------+ |Share premium | 8,917| 8,917| +-------------------------------------------------------+---------+---------+ |Reserves | 385| 0| +-------------------------------------------------------+---------+---------+ |Retained earnings | 9,004| 7,551| +-------------------------------------------------------+---------+---------+ |Total equity | 22,161| 20,323| +-------------------------------------------------------+---------+---------+ |incl. total equity attributable to owners of the parent| 20,993| 19,866| +-------------------------------------------------------+---------+---------+ |incl. non-controlling interest | 1,168| 457| +-------------------------------------------------------+---------+---------+ |Total liabilities and equity | 91,001| 78,368| +-------------------------------------------------------+---------+---------+ Consolidated statement of profit and loss and other comprehensive income +--------------------------------------------------------------+-------+-------+ |in thousands of euros | 2023| 2022| +--------------------------------------------------------------+-------+-------+ | | | | +--------------------------------------------------------------+-------+-------+ |Revenue | 41,135| 12,870| +--------------------------------------------------------------+-------+-------+ |Cost of sales (-) |-34,067|-11,096| +--------------------------------------------------------------+-------+-------+ |Gross profit | 7,068| 1,774| +--------------------------------------------------------------+-------+-------+ |Marketing expenses (-) | -576| -446| +--------------------------------------------------------------+-------+-------+ |Administrative expenses (-) | -1,472| -1,095| +--------------------------------------------------------------+-------+-------+ |Other operating income | 166| 70| +--------------------------------------------------------------+-------+-------+ |Other operating expenses (-) | -152| -68| +--------------------------------------------------------------+-------+-------+ |Operating profit of the year | 5,034| 235| +--------------------------------------------------------------+-------+-------+ |Financial income | 1,192| 1,889| +--------------------------------------------------------------+-------+-------+ |Financial expenses (-) | -2,746| -787| +--------------------------------------------------------------+-------+-------+ |Profit before tax | 3,480| 1,337| +--------------------------------------------------------------+-------+-------+ |Income tax | 0| -6| +--------------------------------------------------------------+-------+-------+ |Net profit for the year | 3,480| 1,331| +--------------------------------------------------------------+-------+-------+ | Attributable to owners of the parent | 1,185| 1,396| +--------------------------------------------------------------+-------+-------+ | Non-controlling interest | 2,295| -65| +--------------------------------------------------------------+-------+-------+ | | | | +--------------------------------------------------------------+-------+-------+ | Other comprehensive income (-loss) | | | +--------------------------------------------------------------+-------+-------+ | | | | +--------------------------------------------------------------+-------+-------+ |Changes related to change of ownership | 286| -26| +--------------------------------------------------------------+-------+-------+ |Change in value of embedded derivatives with minority| | | |shareholders | -2,053| 10| +--------------------------------------------------------------+-------+-------+ |Other comprehensive income (-loss) for the period | -1,767| -16| +--------------------------------------------------------------+-------+-------+ | Attributable to owners of the parent | -58| -434| +--------------------------------------------------------------+-------+-------+ | Non-controlling interest | -1,709| 418| +--------------------------------------------------------------+-------+-------+ |Comprehensive income (-loss) for the period | 1,713| 1,315| +--------------------------------------------------------------+-------+-------+ | Attributable to owners of the parent | 1,127| 962| +--------------------------------------------------------------+-------+-------+ | Non-controlling interest | 586| 353| +--------------------------------------------------------------+-------+-------+ |Earnings per share | | | +--------------------------------------------------------------+-------+-------+ | Basic (euros per share) | 0.31| 0.36| +--------------------------------------------------------------+-------+-------+ | Diluted (euros per share) | 0.31| 0.36| +--------------------------------------------------------------+-------+-------+ Hepsor AS audited annual report 2023 has been attached to the current release and you can also see the full version here: https://hepsor.ee/en/for- investors/stock/reports-2/. The annual report will be presented for approval to the General Meeting of Shareholders. 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 171,800 m2.