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Hepsor AS 2022 audited annual report


The Management Board of Hepsor AS has prepared the audited annual report for 2022. Compared to the unaudited interim report published on 15 February 2023, there are no material differences in the audited report.

The consolidated sales revenue of Hepsor for the 2022 financial year amounted to 12.9 million euros and the net profit was 1.3 million euros.

In 2022, the Group completed three residential and three commercial property projects. The sales revenue for the financial year has been mainly generated from the sale of completed residential development projects. As of the end of 2022, we have handed over 45 apartments to home buyers in Latvia, including 26 apartments in the 4b Strēlnieku, 18 apartments in the 9 Baložu and 1 apartment in the 24 Āgenskalna development projects, and 40 apartments in the Paevälja Hoovimajade development project in Estonia. The sale of 76 apartments and 1,487 sqm of commercial space in the Priisle Kodu development project is not reflected in the Group’s sales revenue as the result of the project is recorded using equity method of accounting. In total, we handed over 161 new homes to home buyers in Estonia and Latvia in 2022.

At the end of the year, we handed over the Büroo113 commercial premises to a modern clinic using an innovative concept. This is the first time that green solutions (geothermal heating and cooling, rainwater use, energy-efficient architecture, excellent indoor climate, solar energy, etc.) have been applied in a city centre high-rise. In Riga, a stock office type commercial building was completed at 30 Ulbrokas 3,645 sqm of which are fully covered with lease agreements.

In total, we added approximately 171 apartments to our development portfolio in 2022, including 40 in Riga and 131 in Tallinn. Approximately 60 new apartments will be built on the 12 Manufaktuuri property in the Manufaktuuri Quarter together with our long-term cooperation partner Tolaram Grupp. We started the construction of the Lilleküla Kodud development project with 26 apartments already in December 2022. Up to 45 new homes can be built on the properties purchased at 1a Alvari and 5 Alvari. In Latvia, a property was added on Jūrmala Gatve, where we are planning to build an energy class A three-storey residential building with 40 new homes.

Consolidated statement of financial position

in thousands of euros31 December 202231 December 2021
Current assets  
Cash and cash equivalents3,75410,889
Trade and other receivables1,731652
Current loan receivables02,388
Total current assets75,24551,166
Non-current assets  
Property, plant and equipment232229
Intangible assets70
Financial investments2402
Investments in associates1,0860
Non-current loan receivables1,7663,408
Other non-current receivables30140
Total non-current assets3,1234,179
Total assets78,36855,345
Liabilities and equity  
Current liabilities  
Loans and borrowings22,5655,501
Current lease liabilities46123
Trade and other payables and prepayments7,0616,703
Total current liabilities29,67212,327
Non-current liabilities  
Loans and borrowings26,01522,862
Non-current lease liabilities6866
Other non-current liabilities2,2901,053
Total non-current liabilities28,37323,981
Total liabilities58,04536,308
Share capital3,8553,855
Share premium8,9178,917
Retained earnings7,5516,265
Total equity20,32319,037
incl. total equity attributable to owners of the parent19,86618,904
incl. non-controlling interest457133
Total liabilities and equity78,36855,345

Consolidated statement of profit and loss and other comprehensive income

in thousands of euros20222021
Cost of sales (-)-11,096-11,902
Gross profit1,7743,059
Marketing expenses (-)-446-271
Administrative expenses (-)-1,095-942
Other operating income7083
Other operating expenses (-)-68-49
Operating profit (-loss) of the year2351,880
Financial income1,889321
Financial expenses (-)-787-512
Profit before tax1,3371,689
Current income tax-6-16
Deferred income tax060
Net profit for the year1,3311,733
    Attributable to owners of the parent1,396-22
    Non-controlling interest-651,755
Other comprehensive income (-loss)  
Changes related to change of ownership-2670
Change in value of embedded derivatives with minority shareholders10-1,815
Other comprehensive income (-loss) for the period-16-1,745
    Attributable to owners of the parent-43468
    Non-controlling interest418-1,813
Comprehensive income (-loss) for the period1,315-12
    Attributable to owners of the parent96246
    Non-controlling interest353-58
Earnings per share  
   Basic (euros per share)0.36-0.01
   Diluted (euros per share)0.36-0.01

The consolidated anual report 2022 of Hepsor AS has been attached to the current release and will be made available on Hepsor’s webpage hepsor.ee/en/for-investors/stock/information-materials/

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


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