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"value": "\n
\n
\n
\n\n
\n
\n
\nNote 1. Accounting policies
\n\n\n1.1. General information
\nHepsor AS (hereinafter referred to as the \u201cGroup\u201d or \u201cHepsor\u201d), a real estate development company based on Estonian capital, operates in
\nEstonia and Latvia.
\n\nThe consolidated financial statements of the Group for 2022 were signed by the member of management Board of Hepsor AS on 28 April 2023.
\n\n\nIn accordance with the requirements of the Commercial Code of the Republic of Estonia, the annual report prepared by the Management Board
\nand approved by the Supervisory Board, which also includes the consolidated financial statements, is approved by the general meeting of
\nshareholders. Shareholders have the right not to approve the annual report prepared by the Management Board and approved by the
\nSupervisory Board and to request that a new report is prepared. The Annual General Meeting of Shareholders, one of the items on the agenda
\nof which is the approval of the consolidated annual report of Hepsor AS for 2022, will be held on 25 May 2023.
\n
\n\n\n
\n1.2. Basis of preparation of consolidated financial statements
\nThe Group\u2019s consolidated annual financial statements have been prepared in conformity of International Financial Reporting Standards as
\nendorsed in the European Union (\u201cIFRS (EU\u201d). The Group has consistently applied the accounting policies throughout all periods presented,
\nunless stated otherwise.
\nThe consolidated annual financial statements for 2022 have been prepared on a going concern basis.
\nThe preparation of consolidated annual financial statements in conformity with IFRS (EU) requires the use of certain critical accounting
\nestimates. It also requires management to exercise its judgment in the process of applying the Group\u2019s accounting policies. Changes in
\nassumptions may have a significant impact on the consolidated financial statements in the period the assumptions changed. The management
\nof the Group believes the underlying assumptions in the preparation of consolidated annual financial statements for 2022 are appropriate.
\nThese consolidated annual financial statements consist of consolidated statements of financial position, consolidated statement of
\ncomprehensive income, statement of changes in equity, consolidated statement of cash flows, and explanatory notes.
\n\nThe consolidated annual financial statements are presented in euros and all values are rounded to the nearest thousand (\u20ac000), except when
\notherwise indicated.
\n
\n\n
\n\n\n1.3. Accounting policies, changes in accounting estimates and errors (IAS 8)
\nWhen an IFRS (EU) specifically applies to a transaction, other event, or condition, the accounting policy or policies applied to that item shall be
\ndetermined by applying the IFRS (EU). In the absence of an IFRS (EU) that specifically applies to a transaction, other event or condition,
\nmanagement shall use its judgement in developing and applying an accounting policy that results in information that is relevant to the economic
\ndecision-making needs of users and reliable.
\nThe Group selects and applies its accounting policies consistently for similar transactions, other events, and conditions, unless an IFRS (EU)
\nspecifically requires or permits categorization of items for which different policies may be appropriate. In an IFRS (EU) requires or permits such
\ncategorization, an appropriate accounting policy shall be selected and applied consistently to each category.
\nThe Group changes an accounting policy only if the change is required by IFRS (EU) or results in the financial statements providing reliable and
\nmore relevant information about the effects of transactions, other events, or conditions on the entity\u2019s consolidated financial position,
\nconsolidated financial performance or consolidated cash flows. When a change in accounting policy is applied retrospectively the Group adjusts
\nthe opening balance of each affected component of equity for the earliest prior period presented and the other comparative amounts disclosed
\nfor each prior period presented as if the new accounting policy had always been applied.
\nThe effect of a change in an accounting estimate shall be recognized prospectively by including it in profit or loss in the period of the change, if
\nthe change affect that period only or the period of the change and future periods, if the change affects both.
\n
\n\n
\n\n
\n\n
\n\n
\n\nThe Group corrects material prior period errors retrospectively in the first set of consolidated financial statements authorized for issue at their
\ndiscovery by restating the comparative amounts for the prior period(s) presented in which the error occurred; or if the error occurred before
\nthe earliest prior period presented, restating the consolidated opening balances of assets, liabilities and equity for the earliest prior period
\npresented.
\nThe Group corrects the comparative data of the number of shares for 2021 in note 26 \"Profit per share\" of the 2022 annual report. More
\ninformation in Note 26.
\nin thousands of pieces
\nInitial 2021
\nChange
\nAdjusted 2021
\nWeighted average number of ordinary shares
\n3,855
\n-731
\n3,124
\n
\nThe Group amends the reference of \u201eThe accounting policies applied in the preparation of these financial statements are the same as those
\nused by the Group as of 31 December in the consolidated financial statements for the year ended 31 December 2020, except as described
\nbelow.\u201c as stated in note 1.5 \u201e Accounting policies, changes in accounting estimates and errors\u201c in the Annual Report for 2021:. The correct
\nreference would have been to the special purpose financial statements not the consolidated annual report. For periods up to and including the
\nyear ended 31 December 2020, the Group prepared its statutory financial statements in accordance with Estonian Financial Reporting Standards
\n(EFS). The Group prepared financial statements in accordance with IFRS 1 for the first time for consolidated special purpose financial report for
\nthe periods from 1 January 2018-31 December 2018, 1 January 2019-31 December 2019 and 1 January 2020-31 December2020.The special
\npurpose financial report is available at Hepsor\u2019s website https://hepsor.ee/wp-content/uploads/2021/11/Hepsor-IFRS-2018-2020-audited.pdf
\nand the Website of Finantsinspektsioon https://www.fi.ee/sites/default/files/2021-11/hepsor_ifrs_2018-2020_audited.pdf. When
\npreparing the Group\u2019s consolidated special purpose financial statements, the opening statement of the Group's financial position was prepared
\nas of 1 January 2018, which is also considered the date of the Group's transition to IFRS (EU).
\nThe Group has adjusted the consolidated cash flow statement for 2021 in the annual report for 2022as follows:
\nIn thousands of euros
\nInitial 2021
\nChange
\nAdjusted 2021
\nChanges in inventories
\n-12,816
\n-229
\n-13,045
\nCash flows from operating activities
\n-9,206
\n-229
\n-9,435
\nLoans raised
\n22,682
\n-369
\n22,313
\nLoan repayments
\n-10,479
\n88
\n-10,391
\nInterest paid
\n-1,361
\n510
\n-851
\nCash flows from financing activities
\n20,199
\n229
\n20,428
\n
\n1.4. Impact of new and revised standards and interpretations
\nThe accounting principles applied in the preparation of this report are the same as those used in the Group's consolidated report for the financial
\nyear ended on 31 December 2021, except for the cases described below.
\nRevised standards effective on or after 1 January 2023
\nCertain new or revised standards and interpretations have been issued that are mandatory for the Group\u2019s annual reporting periods beginning
\non or after 1 January 2023 and that have not been adopted by the Group ahead of effective date.
\nAmendments to IAS 1 \u201ePresentation of Financial Statements\u201c and IFRS Practise Statement 2 \u201eMaking Materiality Judgments\u201c- amendments aim
\nto help entities provide accounting policy disclosures that are more useful by:
\n- requiring companies to disclose their material accounting policies rather than their significant accounting policies;
\n- clarifying that accounting policies related to immaterial transactions, other events or conditions are themselves immaterial and
\nas such need not be disclosed; and
\n- clarifying that not all accounting policies that relate to material transactions, other events or conditions are themselves
\nmaterial to a company\u2019s financial statements.
\n
\n\n
\n\n
\n\n
\n\n
\n\nThe Board of IFRS also amended IFRS Practice Statement 2 to include guidance and two additional examples on the application of materiality to
\naccounting policy disclosures.
\nThe amendments are consistent with the refined definition of material: \u201cAccounting policy information is material if, when considered together
\nwith other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users
\nof general purpose financial statements make on the basis of those financial statements\u201d.
\nEffective for annual reporting periods beginning on or after 1 January 2023. The EU has approved the changes.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nAmendments to IAS 1 \u201ePresentation of Financial Statements\u201c (classification of liabilities as current and non-current) \u2013 amendments are aimed
\nto promote consistency in applying the requirements by helping the companies determine whether liabilities and other liabilities with uncertain
\nsettlement dates should be classified as current (to be settled within 12 months) or non-current. The amendments clarify what is meant by the
\nright to defer settlement; that a right to deferral must exist at the end of the reporting period; that classification is unaffected by the likelihood
\nthat an entity will exercise its deferral right and that only if the embedded derivative in a convertible liability is itself an equity instrument would
\nthe terms of a liability not impact its classification.
\nEffective for annual reporting periods beginning on or after 1 January 2023. The EU has approved the changes.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nAmendments to IAS 8 \u201eAccounting Policies, Changes in accounting Estimates and Errors\u201c \u2013 amendments introduce a new definition for
\naccounting estimates. According to the new definition, accounting estimates are \"monetary amounts in financial statements that are subject to
\nmeasurement uncertainty\". Entities should develop accounting estimates when the accounting policies require the measurement of items in
\nthe financial statements that are subject to measurement uncertainty. The amendments clarify that a change in an accounting estimate resulting
\nfrom new information or new developments is not a correction of an error. Effective for annual reporting periods beginning on or after 1 January
\n2023. The EU has approved the changes.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nAmendments to IAS 12 \u201eIncome Taxes\u201c - The amendments clarify the accounting for deferred tax on transactions that involve recognising both
\nan asset and a liability with a single tax treatment related to both. The amendments narrow the scope of the initial recognition exemption (IRE)
\nso that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognise
\na deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning
\nprovision. Effective for annual reporting periods beginning on or after 1 January 2023. The EU has approved the changes.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nAmendments to IFRS 16 \u201eLeases\u201c \u2013 amendments impact how a seller-lessee accounts for variable lease payments that arise in a sale-and-
\nleaseback transaction. The amendments introduce a new accounting model for variable payments. The amendments confirm the following:
\n- On initial recognition, the seller-lessee includes variable lease payments when it measures a lease liability arising from a sale-
\nand-leaseback transaction.
\n- After initial recognition, the seller-lessee applies the general requirements for subsequent accounting of the lease liability such
\nthat it recognises no gain or loss relating to the right of use it retains.
\n
\nA seller-lessee may adopt different approaches that satisfy the new requirements on subsequent measurement. Effective for annual reporting
\nperiods beginning on or after 1 January 2024. Not yet endorsed for use in the EU.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nChanges in standards
\nAnnual Improvements to IFRS Standards 2018\u20132020 (the Group will apply the amendment for annual periods beginning on or after 1 January
\n2022). Not yet endorsed for use in the EU.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\nIFRS 9 - Amendments clarify which fees to consider when assessing whether or not the terms of a converted debt Instrument have changed -
\nonly fees paid or received between the borrower and the lender (including payments made or received by the borrower or lender on behalf of
\nanother party).
\nIFRS 16 - Amendment removes illustrative example 13 due to confusion it creates both for the lessee and the lessor regarding the recognition
\nof improvements to leased assets.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nOther new standards, amendments to standards and interpretations that are not yet effective are not expected to have a significant impact on
\nthe Group\u2019s financial statements.
\n
\n\n\n
\n\n1.5. Consolidation (IFRS 10)
\nThe Group\u2019s financial statements consolidate those of the parent entity and all its subsidiaries as of 31 December. All subsidiaries have a
\nreporting date of 31 December. Consolidation of a subsidiary begins when the parent entity obtains control over the subsidiary and ceases when
\nthe parent entity loses control over the subsidiary.
\nThe Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and could
\naffect those returns through its power over the entity. Subsidiaries where the Group holds 50% ownership interest are consolidated based on,
\nthe assessment of the Management of the Group that the Group effectively controls the subsidiary by virtue of managing the real estate
\ndevelopment projects and/or through a shareholder agreement.
\nAll transactions and balances between Group entities are eliminated on consolidation, including unrealized gains and losses on transactions
\nbetween Group entities. Amounts reported in the statutory financial statements of subsidiaries have been adjusted, where necessary, to ensure
\nconsistency with the accounting policies adopted by the Group.
\nThe Group prepares consolidated financial statements using uniform accounting policies for like transactions and other events in similar
\ncircumstances.
\nThe Group presents non-controlling interests in the consolidated statement of financial position within equity, separately from the equity of the
\nowners of the Group.
\nProfit or loss and other comprehensive income of subsidiaries acquired or disposed of during the reporting period is recognized from the
\neffective date of acquisition, or up to the effective date of disposal, as applicable.
\n
\n\n
\n\n\n
\n\n1.6. Business combinations (IFRS 3, IAS 36)
\nThe Group uses the acquisition method of accounting to account for business combinations where the Group has obtained control over a
\nsubsidiary or merged the net assets of one or more businesses into the Group. Cost of acquisition is calculated as the sum of the acquisition
\ndate fair values of assets transferred. Acquisition-related costs that Group incurs in a business combination are expensed as incurred.
\nAs of the acquisition date, the Group recognizes the identifiable assets acquired, and the liabilities assumed at their fair values.
\nThe Group applies adjusted purchase method when acquiring business combinations under common control by recognizing the assets and
\nliabilities of the acquiree or business on the acquirer's statement of financial position at the carrying amount. The difference between the cost
\nof acquisition and the carrying amount of the acquired net assets shall be recognized as an increase or decrease of the equity of the acquirer.
\nIf the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group
\nreports in its financial statements\u2019 provisional amounts for the items for which the accounting is incomplete. The measurement period is the
\nperiod after the acquisition date during which the acquirer may adjust the provisional amounts recognized for a business combination. During
\nthe measurement period, the acquirer shall recognize adjustments to the provisional amounts as if the accounting for the business combination
\nhad been completed at the acquisition date. Thus, the acquirer shall revise comparative information for prior periods presented in financial
\nstatements as needed, including making any change in depreciation, amortization or other income effects recognized in completing the initial
\naccounting. After the measurement period ends, the acquirer shall revise the accounting for a business combination only to correct an error.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n\n1.7. Investments in associates (IAS 28)
\nAn associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and
\noperating policy decisions of the investee but is not control or joint control over those policies.
\nInvestments in associates are accounted for using the equity method. The initial recognition of the investment in associate is recognized at cost.
\nThe carrying amount of the investment in associates are increased or decreased to recognize the Group\u2019s share of the profit or loss and other
\ncomprehensive income of associates, adjusted where necessary to ensure consistency with the accounting policies of the Group.
\nThe Group discontinues the use of the equity method from the date when the investment ceases to be an associate, or when the investment is
\nclassified as held for sale.
\n
\n\n
\n\n\n
\n1.8. Property, plant and equipment (IAS 16)
\nProperty, plant, and equipment are assets used for production, provision of services or administrative purposes over a period of more than one
\nyear.
\nItems of property, plant and equipment are recognized at an acquisition cost less any accumulated depreciation and impairment losses, if any.
\nAcquisition cost consists of the purchase price and other costs directly attributable to the acquisition that are necessary for bringing the asset
\nto its working condition and location. When an item of property, plant and equipment consists of separately identifiable components that have
\ndifferent useful lives, these components are accounted as separate assets and separate depreciation rates are assigned to them according to
\nthe useful lives of the components. Items of property, plant and equipment leased under the lease terms are accounted for similarly to
\npurchased property, plant and equipment.
\n\nDepreciation is recognized as an expense on a straight-line basis over the estimated useful life of an item of property, plant and equipment and
\nits identifiable components.
\nThe following estimated useful lives are applied:
\n- Buildings and structures 2\u201333 years
\n- Plant and equipment 5\u201310 years
\n- Other equipment and fixtures 3-5 years
\n- Vehicles 5-7 years
\n
\nLand and construction in progress are not depreciated.
\n
\nThe Group use uniform depreciation rates in all Group companies. The estimated useful lives, residual values and depreciation methods are
\nreviewed annually. The effect of the changes is reflected in the reporting period and in subsequent periods.
\n
\n\nItems of property, plant and equipment are derecognized on disposal or when no future economic benefits are expected from the continued
\nuse or disposal of the asset. Gains or losses arising from derecognition of items of property, plant and equipment are included either within
\nother operating income or other operating expenses in the income statement.
\n
\n\n\n
\n\n
\n1.9. Intangible assets (IAS 38, IAS 36)
\nIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination
\nis their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization
\nand accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite.
\n\nDepreciation is recognized as an expense on a straight-line basis over the estimated useful life of an item of property, plant and equipment
\nand its identifiable components.
\n
\nThe following estimated useful lives are applied:
\n
\n- Licenses and software 2-5 years
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n\n
\n
\n\nAn intangible asset is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are
\nexpected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal
\nproceeds and the carrying amount of the asset) is included in the statement of comprehensive income for the period.
\n
\n\n\nGoodwill
\nGoodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-
\ncontrolling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net
\nassets acquired is more than the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all the assets
\nacquired and all the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If
\nthe reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is
\nrecognized in statement of comprehensive income for the period.
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment losses. For impairment testing, goodwill acquired in a
\nbusiness combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the
\ncombination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
\nIf the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying
\namount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the
\nunit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in
\nsubsequent periods.
\nWhere goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated
\nwith the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed
\nin these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.
\n
\n\n
\n\n\n1.10. Cash and cash equivalents, cash flows (IAS 7)
\nCash and cash equivalents are cash at bank and on hand, short-term extremely high liquidity investments (up to three months) that are readily
\nconvertible into a known amount of cash and which are subject to an insignificant risk of changes in value.
\n
\n\n\nRestricted cash and cash equivalent balances are those which meet the definition of cash and cash equivalents but are not available for use by
\nthe group. The Group has a requirement, as part of its business operations, to set aside cash by way of deposit into an escrow account. Such
\nescrow accounts are classified in cash flow statement as change in receivables from operating activities.
\n
\n\n\nThe statement of cash flows reports cash flows during the period classified by operating, investing and financing activities. The Group reports
\ncash flows from operating activities using the indirect method whereby operating profit or loss is adjusted for the effects of transactions of a
\nnon-cash nature, any deferrals or accruals of past or future operating cash receipts or payments, and items of income or expense associated
\nwith investing or financing cash flows.
\n
\n\n\n
\n1.11. Inventories (IAS 2, IAS 23)
\nIn inventories, development projects are recorded under development projects ready for sale from the moment the project has been granted
\na use permit, otherwise development projects under development are recorded under development projects in progress.
\nInventories are stated at the lower of cost and net realizable value. Cost comprises direct materials and, where applicable, direct labor costs
\nand those overheads that have been incurred in bringing the inventories to their present location and condition. If inventory items are not
\nclearly distinguishable from each other, then the weighted average cost method is used. Net realizable value represents the estimated selling
\nprice less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
\n\nBorrowing costs related to real estate development projects are included in the cost of inventories. The Group capitalizes borrowing costs that
\nare directly attributable to the real estate development projects and ceases to capitalize when real estate development project is ready for sale
\nbut not later than the real estate development project has been granted a permit for use. Interest expenses that are related to real estate
\nmaintenance or usage are not capitalized but expensed in the period when they occur. All other borrowing costs are expensed in the period in
\nwhich they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\nCompleted real estate inventories are sold either in units or as a whole. Revenue from the sale is recognized as income from sale of real estate.
\nAll the Group's development projects are recorded as inventories, even if the Group earns rental income before the full or partial sale of the
\ndevelopment project. The Group aims to develop the acquired properties and sell the developed projects.
\n
\n\n\n
\n
\n
\n1.12. Financial instruments (IFRS 9, IAS 32)
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another
\nentity.
\nFinancial assets and financial liabilities are recognized in the Group\u2019s statement of financial position when the Group becomes a party to the
\ncontractual provisions of the instrument.
\nFinancial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing
\ncomponent which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets
\nand financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the
\nfair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the
\nacquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.
\nAn entity typically incurs various costs in issuing or acquiring its own equity instruments. Those costs might include registration and other
\nregulatory fees, amounts paid to legal, accounting and other professional advisers, printing costs and stamp duties. The transaction costs of an
\nequity transaction are accounted for as a deduction from equity to the extent that they are incremental costs directly attributable to the equity
\ntransaction that otherwise would have been avoided. The Group raised 10 million euros in 2021 by listing its shares in Nasdaq Tallinn stock
\nexchange. The transaction costs of share issue are accounted for as a deduction from equity.
\n\n
\nFinancial assets
\nAt initial recognition, the Group measures a financial asset at its fair value plus or minus, in the case of a financial asset not at fair value through
\nprofit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset. After initial recognition, the Group
\nmeasures a financial asset in amortized cost, fair value through other comprehensive income, or fair value through profit or loss.
\nPurchase and sale of financial asset is recognized using settlement date accounting. Settlement date is the date that an asset is delivered to or
\nby the Group.
\n\nFinancial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the
\nGroup has transferred substantially all the risks and rewards of ownership. On derecognition the Group recognizes the difference between the
\ncarrying amount and consideration received as profit or loss. Transaction costs of financial assets carried at fair value plus or minus are expensed
\nin profit or loss. Subsequent measurement of debt instruments depends on the group\u2019s business model for managing the asset and the cash
\nflow characteristics of the asset.
\n
\n\nGroup measures its debt instruments at amortized cost. The amortized cost of a financial asset is the amount at which the financial asset is
\nmeasured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any
\ndifference between that initial amount and the maturity amount, adjusted for any loss allowance.
\nThe Group recognizes loss allowance for expected credit losses on loan instruments, lease receivables, trade receivables, contract assets and
\nfinancial guarantee contracts. Expected credit loss is based on the difference between all contractual cash flows that are due in accordance with
\nthe contract and all the cash flows that the Group expects to receive, discounted at the at an approximation of original effective interest rate.
\nThe amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective
\nfinancial instrument.
\nThe Group always recognizes lifetime expected credit losses for trade receivables, contract assets and lease receivables. The expected credit
\nlosses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors
\nthat are specific to the debtors, general economic conditions, and an assessment of both the current as well as the forecast direction of
\nconditions at the reporting date, including time value of money where appropriate.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n
\n
\n
\n
\n
\n
\n\n
\nFor all other financial instruments, the Group recognizes lifetime expected credit losses when there has been a significant increase in credit risk
\nsince initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group
\nmeasures the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses. Lifetime expected credit
\nlosses represent the expected credit losses that will result from all possible default events over the expected life of a financial instrument. At
\nthe same time, 12-month expected credit losses represent the portion of lifetime expected credit losses that is expected to result from default
\nevents on a financial instrument that are possible within 12 months after the reporting date.
\n
\n\n\n\nInterest income is recognized using the effective interest method for receivables measured subsequently at amortized cost. For financial assets
\nthat have subsequently become credit-impaired, interest income is recognized by applying the effective interest rate to the amortized cost of
\nthe financial asset. If, in subsequent reporting periods, the credit risk on the credit-impaired financial instrument improves so that the financial
\nasset is no longer credit impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the
\nfinancial asset.
\n\n\n
\n\n
\n\n\n
\n
\nFinancial liabilities
\n\n
\n\nAll financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
\ntransaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans, and borrowings. Interest bearing loans and borrowings are recognized
\nat amortized cost using the effective interest method.
\n
\n\n
\n\nThe effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the
\nrelevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including transaction costs and
\nother premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost
\nof a financial liability.
\n\nThe Group derecognizes financial liabilities when, and only when, the Group's obligations are discharged, cancelled or have expired. The
\ndifference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or
\nloss.
\n
\n\n
\n\n\n
\n\nEmbedded derivatives
\nWhen the Group enters SPV agreement with a business partner, it assesses the financial assets and liabilities assumed for appropriate
\nclassification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions as at the acquisition
\ndate. This includes the separation of embedded derivatives in host contracts. A derivative embedded in a hybrid contract, with a financial liability
\nor non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not
\nclosely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative;
\nand the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in
\nfair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies
\nthe cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through comprehensive income.
\n
\n\n
\n\n
\n\n\n1.13. Provisions and contingent liabilities (IAS 37)
\nProvisions are recognized when the Group has a present obligation (legal or constructive) because of a past event it is probable that the Group
\nwill be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
\nThe amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the
\nreporting period, considering the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows
\nestimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of
\nmoney is material).
\nWhen some or all the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized
\nas an asset if it is virtually certain that reimbursement will be received.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\nContingent liabilities
\nContingent liabilities are those liabilities the realization of which is less probable than non-realization or the amount of which cannot be
\nmeasured sufficiently reliably. The Group does not recognize contingent liabilities but discloses brief description of the nature of the contingent
\nliability and, where practicable an estimate of its financial effect; an indication of the uncertainties relating to the amount or timing of any
\noutflow; and the possibility of any reimbursement unless the possibility of any outflow in settlement is remote.
\n
\n\n\n1.14. Government grants (IAS 20)
\nGrants related to assets are government grants whose primary condition is that an entity qualifying for them should purchase, construct or
\notherwise acquire long-term assets. Grants related to income are government grants other than those related to assets. Grants related to
\noperating expenses are government grants that are not government grants related to assets.
\nGovernment grants shall be recognized in profit or loss on a systematic basis over the periods in which the entity recognizes as expenses the
\nrelated costs for which the grants are intended to compensate. A government grant that becomes receivable as compensation for expenses or
\nlosses already incurred shall be recognized in profit or loss of the period in which it becomes receivable.
\n
\n\n\n1.15. Leases (IFRS 16)
\nThe Group assesses at contract inception whether a contract is, or contains, a lease. Lease is a contract that conveys the right to control the use
\nof an identified asset for a period in exchange for consideration.
\nGroup as a lessee
\nThe Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee,
\nexcept for leases which are both short-term and of low value.
\nThe right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of
\nlease liabilities. The cost of right-to-use assets includes the amount of the initial measurement of the lease liability, any lease payments made
\nat or before the commencement date (less any lease incentives received), any initial direct costs incurred by the Group; and an estimate of costs
\nto be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying
\nasset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.
\nAt the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made
\nover the lease term. Lease payments are discounted using the interest rate implicit in the lease or, alternatively, the lessee\u2019s incremental
\nborrowing rate. The incremental borrowing rate is the interest rate that the group would have to pay to borrow the funds necessary to obtain
\na similar asset.
\nThe lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments
\nthat depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the
\nexercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the
\nlease term reflects the Group exercising the option to terminate.
\nIf the lease transfers ownership of the underlying asset to the Group by the end of the lease term or if the cost of the right-of-use asset reflects
\nthat the Group will exercise a purchase option, the Group shall depreciate the right-of-use asset from the commencement date to the end of
\nthe useful life of the underlying asset. Otherwise, the Group depreciates the right-of-use asset from the commencement date to the earlier of
\nthe end of the useful life of the right-of-use asset or the end of the lease term.
\nThe lease liability is measured as follows:
\n- increasing the carrying amount to reflect interest on the lease liability;
\n- reducing the carrying amount to reflect the lease payments made; and
\n- remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect revised in-substance fixed lease
\npayments.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\nGroup as a lessor
\nLeases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the
\nrisks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.
\nRental income from operating leases is recognized on a straight-line basis over the lease term. Gains from the expected disposal of assets shall
\nnot be taken into account in measuring a provision. Initial direct costs incurred in negotiating and arranging an operating lease are added to the
\ncarrying amount of the leased asset and recognized on a straight-line basis over the lease term on the same basis as lease income.
\nThe Group enters into short-term lease agreements as a lessor with respect to some of its real estate development properties in Latvia until the
\nproperty is sold. Such real estate property is continuously recognized as inventories because being held for sale in the ordinary course of
\nbusiness.
\n
\n\n\n1.16. Revenue (IFRS 15)
\nThe Group recognizes revenue from the following major source:
\n
\n- revenue from sale of real estate;
\n- revenue from project management services;
\n- rental income;
\n- revenue from other services.
\n
\nThe Group recognizes revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration
\nto which the entity expects to be entitled in exchange for those goods or services. The Group recognizes revenue when it transfers control of a
\nproduct or service to a customer.
\nRevenues from sale of real estate
\nRevenue from the sale of goods purchased and finished goods, including real estate developed by the Group, is recognized when control of the
\ngoods has been substantially transferred to the buyer, it is probable that economic benefits associated with the transaction will flow to the
\ngroup, the costs incurred or to be incurred in respect of the transaction including potential returns can be measured reliably, the group retains
\nno continuing involvement with the goods, and the amount of the revenue can be measured reliably. The sale is considered completed upon
\nsigning the real right contract with the buyer.
\nThe Group recognizes revenue in the amount of the transaction price. The transaction price is the amount of consideration to which the Group
\nexpects to be entitled in exchange for transferring promised goods or services to a customer.
\nRevenue from project management services
\nProject management income includes revenues from project management services the Group provides to external partners and associated
\ncompanies. Project management income is recognized in the accounting period when the service is rendered.
\nRental income
\nRental income includes revenues from renting Group\u2019s residential and commercial property. Rental income from operating leases is recognized
\non a straight-line basis over the lease term.
\nRevenue from other services
\nRevenue from other services includes revenues from services provided by the Group other than project management or rental income and
\nincome from sale of good other than development projects.
\n
\n\n\n1.17. Operating segments (IFRS 15, IFRS 8)
\nA segment is a distinguishable component of the Group, which generates revenues and incurs expenditures. The segment reporting is presented
\nin respect of operating and geographical segments.
\nThe Group reports separately information about the following operating segments:
\n
\n- residential real estate;
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n- commercial real estate;
\n- headquarters
\n
\nGeographical segments refer to the location of the real estate. The Group operates in Estonia and Latvia.
\nThe operating results are regularly reviewed by the Group\u2019s Management Board to monitor the performance of the various segments in terms
\nof sales revenue and operating profit (loss). Segment profit represents the segment\u2019s external sales and operating profit (loss).
\n
\n\n\n
\n1.18. Income tax (IAS 12)
\nCorporate income tax in Estonia
\nAccording to the Income Tax Act entered into force in Estonia at 1 January 2000, it is not the company's profits that are taxed but net dividends
\npaid. Income tax is paid on dividends, fringe benefits, gifts, donations, costs of reception of guests, non-business payments and transfer price
\nadjustments. The effective income tax rate is 20/80 on net dividends paid out. Starting from 2019, it is possible to apply a more favourable tax
\nrate on dividend payments (14/86). The more favourable tax rate can be applied to a dividend distribution that amounts to up to three preceding
\nyears\u2019 average dividend distribution that has been taxed at 20/80 rate.
\nCorporate income tax in Latvia
\nFrom 1 January 2018, profits earned after 2017 will be taxed at a rate of 20/80. The transitional rules of the Income Tax Act allow for a reduction
\nin the profit payable on dividends if the company has unused tax losses or certain provisions as of 31 December 2017. As a result of the
\nimplementation of the Income Tax Act effective from 2018, there are no longer differences between the tax accounting and carrying amounts
\nof assets and liabilities in Latvia, and therefore deferred income tax assets and liabilities to Latvian subsidiaries are not recognized.
\n\nDeferred income tax liability
\nDeferred income tax liability is recognized in respect to investments in subsidiaries, except for if the Group can control the timing of the reversal
\nof the taxable temporary differences and it is probable that the reversal will not occur in the foreseeable future. As the parent controls the
\npayment of dividends, the sale or liquidation of an investment, and other transactions in subsidiaries it can control the timing of the reversal of
\ntaxable temporary differences associated with these investments. Therefore, when the parent has determined that those profits will not be
\ndistributed in the foreseeable future the parent does not recognize a deferred tax liability. If the parent company assesses that the dividend will
\nbe paid in the foreseeable future, the deferred income tax liability is measured to the extent of the planned dividend payment provided that as
\nat the reporting date, there are sufficient funds to pay the dividend and owner\u2019s equity on account of which to distribute profit in foreseeable
\nfuture.
\n
\n\n
\n\n\n1.19. Fair value measurement (IFRS 13)
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
\nat the measurement date under current market conditions. The Group measures its financial instruments at fair value at each statement of
\nfinancial position date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the
\nprincipal market for the asset or liability or in the absence of a principal market, in the most advantageous market for the asset or liability.
\nThe fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability,
\nassuming that market participants act in their economic best interest.
\nIn estimating the fair value of an asset or a liability, the Group uses market-observable data to the extent it is available.
\nCash and cash equivalents include deposits in local commercial banks. Cash equivalents are short-term, highly liquid investments that are readily
\nconvertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Due to their short-term nature, the
\ncarrying amounts approximate the fair value of cash and cash equivalents.
\nExpected credit loss rate for current loan receivables, non-current loans and other non-current receivables is 0%, historical average of trade
\nreceivables as at 31 December 2022: 3.0% (31 December 2021: 2.6%). The impact on recoverability of receivables in short perspective and in
\nconsideration of expected lifetime losses is estimated as insignificant at each statement of financial position date.
\n
\n\n
\n\n
\n\n
\n\n
\n\nInventories are stated at the lower of cost and net realizable value in the statement of financial position. Fair value is evaluated based on net
\nrealization value with 15% discount to cover any risks and setback before the development is completed and properties sold (hair-cut). The
\napplied percentage is based on the management\u2019s estimate made based on their professional expertise in the field of operations.
\nProperty, plant and equipment fair value is assumed to be equal to carrying value as its estimated useful lives, residual values and depreciation
\nmethods are reviewed annually.
\nAccording to the estimation of the Group, the carrying values of financial liabilities in the consolidated statement of financial position as at 31
\nDecember 2022 does not vary significantly from the fair value since they are measured at net cash flows discounted at the effective interest
\nrate that considers all additional direct costs of lending, as well as timing of settling of such financial obligations.
\nPart of the Group\u2019s long-term borrowings have a floating interest rate (includes 6 months Euribor). Based on the estimation of the management,
\nthe Group\u2019s financial outlook and market risks have not materially changed since the loans were obtained and the interest rates on the Group\u2019s
\ndebt are on the market conditions.
\nAll assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy,
\ndescribed as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
\nLevel (L) 1 - quoted (unadjusted) market prices in active markets for identical assets and liabilities.
\nLevel (L) 2 - fair value is estimated using market information and valuation is based on observable inputs.
\nLevel (L) 3 - fair value is estimated using the discounted cash flow valuation technique and the valuation is based on non-observable inputs.
\nIn thousands of euros
\n31.12.2022
\n31.12.2021
\n
\nCarrying value
\nFair value
\nL
\nCarrying value
\nFair value
\nL
\nAssets
\n
\n
\n
\n
\n
\n
\nCurrent assets
\n
\n
\n
\n
\n
\n
\nCash and cash equivalents
\n3,754
\n3,754
\n1
\n10,889
\n10,889
\n1
\nTrade and other receivables
\n1,731
\n1,731
\n3
\n652
\n652
\n3
\nCurrent loan receivables
\n0
\n0
\n3
\n2,388
\n2,388
\n3
\nInventories
\n69,760
\n74,053
\n3
\n37,237
\n38,789
\n3
\nTotal current assets
\n75,245
\n79,538
\n
\n51,166
\n52,718
\n
\nNon-current assets
\n
\n
\n
\n
\n
\n
\nProperty, plant and equipment
\n232
\n232
\n3
\n229
\n229
\n3
\nIntangible assets
\n7
\n7
\n3
\n0
\n0
\n3
\nFinancial investments
\n2
\n402
\n3
\n402
\n402
\n3
\nInvestments in associated
\ncompanies
\n1,086
\n1,086
\n3
\n0
\n0
\n3
\nNon-current loans
\n1,766
\n1,766
\n3
\n3,408
\n3,408
\n3
\nOther non-current receivables
\n30
\n30
\n3
\n140
\n140
\n3
\nTotal non-current assets
\n3,123
\n3,123
\n
\n4,179
\n4,179
\n
\nTotal assets
\n78,368
\n82,661
\n
\n55,345
\n56,897
\n
\nLiabilities and equity
\n
\n
\n
\n
\n
\n
\nCurrent liabilities
\n
\n
\n
\n
\n
\n
\nLoans and borrowings
\n22,565
\n22,565
\n3
\n5,501
\n5,501
\n3
\nCurrent lease liabilities
\n46
\n46
\n3
\n123
\n123
\n3
\nPrepayments from customers
\n3,054
\n3,054
\n3
\n1,164
\n1,164
\n3
\nTrade and other payables
\n4,007
\n4,007
\n3
\n5,539
\n5,539
\n3
\nTotal current liabilities
\n29,672
\n29,672
\n
\n12,327
\n12,327
\n
\nNon-current liabilities
\n
\n
\n
\n
\n
\n
\nLoans and borrowings
\n26,015
\n26,015
\n3
\n22,862
\n22,862
\n3
\nNon-current lease liabilities
\n68
\n68
\n3
\n66
\n66
\n3
\nOther non-current liabilities
\n2,290
\n2,290
\n3
\n1,053
\n1,053
\n3
\nTotal non-current liabilities
\n28,373
\n28,373
\n
\n23,981
\n23,981
\n
\nTotal liabilities
\n58,045
\n58,045
\n
\n36,308
\n36,308
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n1.20. Employee benefits (IAS 19)
\nThe Group operates only short-term employee benefits (expected to be settled wholly before twelve months after the end of the reporting
\nperiod in which the employees render services) such as salaries, and social security contribution; paid annual leave and sick leave; and bonuses.
\nThere are no special benefits, share-based payments or share options granted for the Group employees during the reporting periods or
\nsubsequent to the last statement of financial position date 31 December 2022.
\n
\n\n\n1.21. Related parties (IAS 24)
\nA related party is a person or entity that is related to the entity that is preparing its financial statements. A related party transaction is a transfer
\nof resources, services, or obligations between a reporting entity and a related party, regardless of whether a price is charged. Such transactions
\ncould have an effect on the profit or loss and financial position of the Group. For this reason, knowledge of the Group\u2019s transactions, outstanding
\nbalances, including commitments, and relationships with related parties may affect assessments of its operations by users of financial
\nstatements, including assessments of the risks and opportunities facing the Group.
\nRelationships between a parent and its subsidiaries are disclosed irrespective of whether there have been transactions between them. The
\nGroup discloses the related party relationship when control exists, irrespective of whether there have been transactions between the related
\nparties.
\nThe Group considers key members of the management (supervisory and management board), their close relatives and entities under their
\ncontrol or significant influence as well as associated companies as related parties.
\n
\n\n\n1.22. Earnings per share (IAS 33)
\nBasic earnings per share is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted
\naverage number of shares outstanding during the year. Diluted earnings per share is calculated by dividing the profit attributable to equity
\nholders of the parent (after adjusting for interest on the convertible preference shares) by the weighted average number of shares outstanding
\nduring the year plus the weighted average number of shares that would be issued on conversion of all the dilutive potential shares into shares.
\n
\n\n\n1.23. Events after the reporting period (IAS 10)
\nEvents after the reporting period are those events, favourable and unfavourable, that occur between the end of the reporting period and the
\ndate when the financial statements are authorized for issue. Events after the reporting period are those that provide evidence of conditions
\nthat existed at the end of the reporting period (adjusting events after the reporting period) and those that are indicative of conditions that arose
\nafter the reporting period (non-adjusting events after the reporting period).
\n
\n\n
\n\n
\n\n
\n
\n
\n\nNote 2. Cash and cash equivalents
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nBank accounts
\n3,754
\n10,889
\nTotal cash and cash equivalents
\n3,754
\n10,889
\n
\nAll cash and cash equivalents are in euros.
\n
\n\n
\n\n
\n\nNote 3. Trade and other receivables
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\n
\n
\n
\nTrade receivables
\n718
\n86
\nAllowance for doubtful receivables (Note 22)
\n-10
\n-6
\nNet trade receivables
\n708
\n80
\n
\n
\n
\nPrepayments
\n
\n
\nTax prepayments
\n318
\n382
\nValue added tax
\n317
\n382
\n Other taxes
\n1
\n0
\nOther prepayments for goods and services
\n279
\n146
\nTotal prepayments
\n597
\n528
\n
\n
\n
\nOther current receivables
\n
\n
\nInterest receivables (Note 27)
\n1
\n33
\nOther current receivables
\n20
\n11
\nEscrow account
\n405
\n0
\nTotal other current receivables
\n426
\n44
\n
\n
\n
\nTotal trade and other receivables
\n1,731
\n652
\n
\n\n
\n\n
\n\nNote 4. Inventories
\nInventories are accounted as ready for sale development projects once the project has been granted usage permit.
\nAs of 31 December 2022, usage permits have been issued for the 30 Ulbrokas, 4b Str\u0113lnieku development projects in Riga, and a
\npartial usage permit has been issued for the Meister 14 development project in Tallinn.
\nAs at 31 December 2022 the Group had 26 (31 December 2021: 45) unsold apartments, including 8 apartments in Tallinn, Paev\u00e4lja
\n11 development project 8 and 18 apartmets in Riga, 4b Str\u0113lnieku development project.
\nAs at 31 December 2022 changes in inventories as stated in cash flow statements have been adjusted by loan interest expense,
\nwhich are capitalised in the amount of 1,842 thousand euros (31 December 2021: 1,518 thousand euros). Further information
\nabout paid interests is provided in the note 24.
\n
\n\n
\n\n
\n\nin thousands of euros
\n
\n
\n31.12.2022
\n31.12.2021
\nWork in progress
\n
\n
\n
\n
\n
\n
\n
\nAddress
\nProject company
\nLocation
\nSegment
\nAcquisition
\ncost
\nProject
\nstatus
\nAcquisition
\ncost
\nProject
\nstatus
\nPirita Road 26b, Tallinn
\nHepsor P26B O\u00dc
\nEstonia
\nResidential
\n0
\n-
\n13
\nE
\n Paev\u00e4lja 11, Tallinn
\nHepsor PV11 O\u00dc
\nEstonia
\nResidential
\n909
\nE
\n0
\n-
\nPaev\u00e4lja 11, Tallinn
\nHepsor PV11 O\u00dc
\nEstonia
\nResidential
\n5,585
\nD
\n2,965
\nD
\nPaldiski mnt 227c, Tallinn
\nHepsor 3Torni O\u00dc
\nEstonia
\nResidential
\n3,482
\nD
\n2,517
\nC
\nNarva mnt 150,150a,150b
\nTallinn
\nHepsor N450 O\u00dc
\nEstonia
\nResidential/
\nCommercial
\n3,609
\nA
\n3,582
\nA
\n Manufaktuuri 5, Tallinn
\nHepsor Phoenix 3 O\u00dc
\nEstonia
\nResidential/
\nCommercial
\n4,168
\nB
\n3,268
\nB
\n Manufaktuuri 7, Tallinn
\nHepsor Phoenix 2 O\u00dc
\nEstonia
\nResidential/
\nCommercial
\n3,018
\nC
\n2,303
\nB
\n Tooma 2/Tooma 4 Tallinn
\nT2T4 O\u00dc
\nEstonia
\nCommercial
\n1,248
\nC
\n1,159
\nC
\nLembitu 4, Tallinn
\nHepsor L4 O\u00dc
\nEstonia
\nCommercial
\n2,954
\nC
\n2,811
\nC
\nMeistri 14, Tallinn
\nHepsor M14 O\u00dc
\nEstonia
\nCommercial
\n3,193
\nD
\n5,765
\nD
\nAlvari 2/Paev\u00e4lja 9, Tallinn
\nHepsor Fortuuna O\u00dc
\nEstonia
\nResidential
\n1,657
\nA
\n1,656
\nA
\nAlvari 1, Tallinn
\nHepsor A1 O\u00dc
\nEstonia
\nResidential
\n2,023
\nA
\n1,004
\nA
\nKadaka Road 197, Tallinn
\nH&R Residentsid O\u00dc
\nEstonia
\nResidential
\n1,168
\nA
\n614
\nA
\nManufaktuuri 12, Tallinn
\nHepsor Phoenix 4 O\u00dc
\nEstonia
\nResidential
\n843
\nA
\n0
\n-
\nN\u00f5mme Road 57, Tallinn
\nHepsor N57 O\u00dc
\nEstonia
\nResidential
\n1,704
\nC
\n0
\n-
\nBalozu 9, Riga
\nHepsor Bal9 SIA
\nLatvia
\nResidential
\n0
\n-
\n1,770
\nD
\n Saules aleja 2, Riga
\nHepsor SA2 SIA
\nLatvia
\nResidential
\n886
\nB
\n957
\nB
\nLiela 45, Marupe
\nHepsor Marupe SIA
\nLatvia
\nResidential
\n7,766
\nD
\n663
\nC
\nRanka Dambis 5, Riga
\nHepsor RD5 SIA
\nLatvia
\nResidential
\n416
\nB
\n354
\nB
\nUlbrokas 30, Riga
\nHepsor U30 SIA
\nLatvia
\nCommercial
\n0
\n-
\n1,485
\nD
\nUlbrokas 34, Riga
\nHepsor U34 SIA
\nLatvia
\nCommercial
\n1,128
\nB
\n1,019
\nB
\nBraila 23, Riga
\nHepsor Jugla SIA
\nLatvia
\nResidential
\n314
\nB
\n0
\n-
\nGregora iela 2a, Riga
\nHepsor Kvarta SIA
\nLatvia
\nResidential
\n10,125
\nD
\n0
\n-
\nGanibu Dambis 17a, Riga
\nHepsor Ganibu Dambis
\nSIA
\nLatvia
\nCommercial
\n3,918
\nA
\n0
\n-
\nJurmala Gatve, Riga
\nHepsor JG SIA
\nLatvia
\nResidential
\n360
\nB
\n0
\n-
\n-other properties
\n
\nEstonia
\n
\n18
\nA
\n21
\nA
\nTotal work in progress
\n
\n
\n
\n60,492
\n
\n33,926
\n
\nFinished real estate
\ndevelopment
\n
\n
\n
\n
\n
\n
\n
\nMeistri 14, Tallinn
\nHepsor Meistri 14 O\u00dc
\nEstonia
\nCommercial
\n4,026
\nE
\n0
\n-
\n Manufaktuuri 22, Tallinn
\n(parkimiskohad)
\nHepsor Phoenix O\u00dc
\nEstonia
\nResidential
\n16
\nE
\n16
\nE
\n\u0100genskalna 24, Riga
\nHepsor Agen24 SIA
\nLatvia
\nResidential
\n0
\n-
\n50
\nE
\n Str\u0113lnieku 4b, Riga
\nHepsor S4B SIA
\nLatvia
\nResidential
\n1,106
\nE
\n3,245
\nE
\nUlbrokas 30, Riga
\nHepsor U30 SIA
\nLatvia
\nCommercial
\n4,120
\nE
\n0
\n-
\nTotal finished real estate
\ndevelopment
\n
\n
\n
\n9,268
\n
\n3,311
\n
\nTotal inventories
\n
\n
\n
\n69,760
\n
\n37,237
\n
\n\n
\n\n
\n
\n\nProject statuses are classified as following:
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nChange %
\nA \u2013 planning proceedings
\n13,236
\n6,877
\n92
\nB \u2013 building permit proceedings
\n7,272
\n7,901
\n-8
\nC \u2013 building permit available / construction has not yet started
\n8,924
\n7,150
\n25
\nD \u2013 construction started / sale started
\n30,151
\n11,985
\n152
\nE \u2013 construction ready for sale
\n10,177
\n3,324
\n206
\nTotal inventories
\n69,760
\n37,237
\n87
\n
\n\n
\n\n
\nNote 5. Property, plant and equipment
\n\nin thousands of euros
\nBuildings and
\nstructures
\nMachinery and
\nequipment
\nOther items
\nTotal
\n2022
\n
\n
\n
\n
\nCost at 31.12.2021
\n248
\n23
\n135
\n406
\nAccumulated depreciation at 31.12.2021
\n-79
\n-6
\n-92
\n-177
\nCarrying amount at 31.12.2021
\n169
\n17
\n43
\n229
\nNew lease contracts
\n0
\n58
\n0
\n58
\nAcquisition
\n76
\n0
\n24
\n100
\nDepreciation
\n-113
\n-12
\n-23
\n-148
\nTermination of lease contracts
\n-78
\n0
\n0
\n-78
\nWrite-off of accumulated depreciation from terminations of lease
\ncontracts
\n78
\n0
\n0
\n78
\nWrite-off of acquisition cost
\n0
\n0
\n-6
\n-6
\nWrite-off of accumulated depreciation
\n0
\n0
\n6
\n6
\nAcquisition cost of property, plant and equipment sold
\n0
\n-23
\n0
\n-23
\nAccumulated depreciation of property, plant and equipment sold
\n0
\n16
\n0
\n16
\nCost at 31.12.2022
\n246
\n58
\n153
\n457
\nAccumulated depreciation at 31.12.2022
\n-114
\n-2
\n-109
\n-225
\nCarrying amount at 31.12.2022
\n132
\n56
\n44
\n232
\n2021
\n
\n
\n
\n
\nCost at 31.12.2020
\n581
\n79
\n135
\n795
\nAccumulated depreciation at 31.12.2020
\n-186
\n-52
\n-65
\n-303
\nCarrying amount at 31.12.2020
\n395
\n27
\n70
\n492
\nNew lease contracts
\n78
\n0
\n0
\n78
\nDepreciation
\n-120
\n-10
\n-27
\n-157
\nTermination of lease contracts
\n-411
\n-56
\n0
\n-467
\nWrite-off of accumulated depreciation from terminations of lease
\ncontracts
\n227
\n56
\n0
\n283
\nCost at 31.12.2021
\n248
\n23
\n135
\n406
\nAccumulated depreciation at 31.12.2021
\n-79
\n-6
\n-92
\n-177
\nCarrying amount at 31.12.2021
\n169
\n17
\n43
\n229
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\nThe lease agreement of an office in Riga is recorded in the asset class of buildings and structures. The term of the lease agreement
\nfor the Riga office is 2024. In Riga the Group subleases assets under operating leases to a related party. In 2022, the income from
\nrent amounted to 20 thousand euros (2021: 19 thousand euros). Sublease of the operating lease is recorded in a simplified manner
\nas other operating income and other operating expenses (note 22).
\nIn 2022, the Group bought a car with a lease agreement. The asset is recorded in the machinery and equipment asset class.
\nInformation on lease liabilities and payments are presented in note 11.
\nIn 2022, 25 thousand euros were received from the sale of machines and equipment.
\n
\n\n\n
\n\n
\nNote 6. Intangible assets
\n\nin thousands of euros
\nLicenses and software
\n
\n
\nCarrying amount at 31.12.2021
\n0
\nAcquisition
\n8
\nDepreciation
\n-1
\nCost at 31.12.2022
\n8
\nAccumulated depreciation at 31.12.2022
\n-1
\nCarrying amount at 31.12.2022
\n7
\n
\n\n
\n\n
\n\n
\n\nNote 7. Financial investments
\nTatari 6A Arenduse O\u00dc, where the Group holds 80% shareholding, is accounted as financial investment. The Group is providing
\nmanagement services for the project. In order to ensure the quality and control of the management process, the Group will hold
\nan 80% shareholding in the company during the development period, which will be transferred to the co-owner at the end of the
\ndevelopment process. The Group has no profit share in the project. The acquisition value of the financial investment is 2 thousand
\neuros.
\nHepsor Latvia O\u00dc signed a sales-purchase agreement on 15 December 2021 to acquire 100% of Latvian company Hepsor Jugla SIA
\n(previously Brofits SIA).The acquisition cost was 400 thousand euros. The holding was not consolidated since the Group lacked
\nsufficient control over Hepsor Julga SIA as stated by the management of the Group and the transaction was formalized only in the
\nbeginning of 2022, then as of 31 December 2021, the purchase of the company is recorded as a financial investment, and from
\nJanuary 2022, Hepsor Jugla SIA belongs to the Hepsor AS consolidation group.
\n
\n\n\nNote 8. Other non-current receivables
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nInterest receivables (Note 27)
\n30
\n140
\nTotal
\n30
\n140
\n
\n\n
\n\n
\n\nNote 9. Loans granted
\nin thousands of euros
\nOwner of non-
\ncontrolling
\ninterest
\nUnrelated
\nlegal entities
\nAssociates
\nRelated legal
\nentities
\nTotal
\n2022
\n
\n
\n
\n
\n
\nLoan balance as at 31.12.2021
\n
\n
\n
\n
\n
\n-current portion
\n2,109
\n0
\n279
\n0
\n2,388
\n-non-current portion
\n0
\n1,100
\n2,308
\n0
\n3,408
\nTotal loan balance as at 31.12.2021
\n2,109
\n1,100
\n2,587
\n0
\n5,796
\nLoan granted
\n0
\n0
\n0
\n176
\n176
\nLoan collected
\n-29
\n-1,100
\n-821
\n-176
\n-2,126
\nDivision of subsidiary
\n-2,080
\n0
\n0
\n0
\n-2,080
\nTotal loan balance as at 31.12.2022
\n0
\n0
\n1,766
\n0
\n1,766
\n-non-current portion
\n0
\n0
\n1,766
\n0
\n1,766
\ncontractual/effective interest rate per annum
\n0-3%
\n0%
\n7%
\n12%
\n
\n2021
\n
\n
\n
\n
\n
\nLoan balance as at 31.12.2020
\n
\n
\n
\n
\n
\n-current portion
\n720
\n56
\n0
\n0
\n776
\n-non-current portion
\n0
\n0
\n1,371
\n0
\n1,371
\nTotal loan balance as at 31.12.2020
\n720
\n56
\n1,371
\n0
\n2,147
\nLoan granted
\n2,109
\n1,044
\n1,216
\n0
\n4,369
\nDivision of subsidiary
\n-720
\n0
\n0
\n0
\n-720
\nTotal loan balance as at 31.12.2021
\n2,109
\n1,100
\n2,587
\n0
\n5,796
\n-current portion
\n2,109
\n0
\n279
\n0
\n2,388
\n-non-current portion
\n0
\n1,100
\n2,308
\n0
\n3,408
\ncontractual/effective interest rate per annum
\n0-3%
\n0%
\n7%
\n0
\n
\n
\nThe loan granted in 2021 to unrelated legal entities in the amount of 1,100 thousand euros was a loan to Kvarta Holding O\u00dc, in
\nJanuary 2022 Hepsor Latvia O\u00dc acquired a 50% shareholding in Kvarta Holding O\u00dc. As a result of the acquisition, Kvarta Holding
\nO\u00dc became a subsidiary of Hepsor Latvia O\u00dc.
\nIn December 2021, the shareholders of Hepsor P26b O\u00dc approved the resolution of division of the company, based on which in
\n2022 Hepsor P26b O\u00dc transferred assets to minority shareholders in the amount of 2,098 thousand euros. Of this, 2,080 thousand
\neuros as loan receivable. Additional information is available in Note 14.
\nAdditional information on transactions with related legal entities is provided in Note 32.
\n
\n\n
\n\n
\n\nNote 10. Loans and borrowings
\nin thousands of euros
\nBank loans
\nUnrelated legal
\nentities
\nRelated legal
\nentities
\nTotal
\n2022
\n
\n
\n
\n
\nLoan balance as of 31.12.2021
\n
\n
\n
\n
\n- current portion
\n2,821
\n2,680
\n0
\n5,501
\n- non-current portion
\n8,130
\n12,901
\n1,831
\n22,862
\nTotal loan balance as of 31.12.2021
\n10,951
\n15,581
\n1,831
\n28,363
\nReceived
\n27,655
\n3,773
\n464
\n31,892
\nRepaid
\n-8,287
\n-3,316
\n-69
\n-11,672
\nActual interest rate impact
\n-190
\n-247
\n75
\n-362
\nCompound interest rate
\n0
\n354
\n5
\n359
\nLoan balance as of 31.12.2022
\n30,129
\n16,145
\n2,306
\n48,580
\n- current portion
\n17,040
\n3,352
\n2,173
\n22,565
\n- non-current portion
\n13,089
\n12,793
\n133
\n26,015
\nContractual interest rate per annum
\n6M Euribor+3.75%-
\n8%; 5.5%
\n0-12%
\n3%-12%
\n
\nEffective interest rate per annum
\n7.6%-12.3%
\n5.3%-12.2%
\n12.2%
\n
\n2021
\n
\n
\n
\n
\nLoan balance as of 31.12.2020
\n
\n
\n
\n
\n- current portion
\n1,308
\n2,230
\n500
\n4,038
\n- non-current portion
\n3,397
\n8,585
\n140
\n12,122
\nTotal loan balance as of 31.12.2020
\n4,705
\n10,815
\n640
\n16,160
\nReceived
\n14,008
\n6,555
\n1,750
\n22,682
\nRepaid
\n-7,807
\n-2,084
\n-500
\n-10,479
\nActual interest rate impact
\n45
\n-172
\n-75
\n-202
\nCompound interest rate
\n0
\n467
\n16
\n483
\nLoan balance as of 31.12.2021
\n10,951
\n15,581
\n1,831
\n28,363
\n- current portion
\n2,821
\n2,680
\n0
\n5,501
\n- non-current portion
\n8,130
\n12,901
\n1,831
\n22,862
\nContractual interest rate per annum
\nEU6+5.85%-8%;
\n8.2%
\n0-12%
\n3%-12%
\n
\nEffective interest rate per annum
\n6.8%-11%
\n0-24%
\n3%-12%
\n
\n
\nAdditional information on transactions with related legal entities is provided in Note 32.
\nThe adjustment in change in inventories in the cash flow statement of the reporting period arising from capitalizing the actual
\ninterest rate impact on loans as part of the cost of the inventories amounted to 254 thousand euros (2021: 229 thousand euros)
\nand the adjustment in the interest paid due to the effect of actual and compound interest amounted to 360 thousand euros
\n(2021: 510 thousand euros). Additional information on cash flows is provided in Appendix 27.
\nIn March 2021, Hepsor AS signed a three-year 4-million-euro loan agreement with LHV Pank. In July the parties signed an
\naddendum to the loan agreement increasing the loan amount by 2 million euros to 6 million euros. The shares of Hepsor AS held
\nby the members of Management and Supervisory Board of the Group and the shares of Hepsor Finance O\u00dc were pledged as
\ncollateral to secure the loan. The loan agreement states two financial covenants that are measured quarterly:
\na) LHV Pank loan and equity ratio of maximum 55%,
\n
\n\n
\n\n
\n\nb) the ratio of loan commitment taken by the consolidation group to the total assets, cash and cash equivalents and
\ninvestments to property developments of the consolidation group is a maximum of 70% (seventy percent).
\nAs of 31 December 2022, 89% (31 December 2021: 86%) of all loans granted to the Group have been received against the risk of
\ndevelopment projects.
\nin thousands of euros
\nBank loans
\nUnrelated legal
\nentities
\nRelated legal entities
\nTotal
\nBalance as of 31.12.2022
\n
\n
\n
\n
\nLoans for development projects
\n24,635
\n16,145
\n2,306
\n43,086
\nLoans to headquarters to finance
\ndevelopment projects
\n5,494
\n0
\n0
\n5,494
\nTotal
\n30,129
\n16,145
\n2,306
\n48,580
\nBalance as of 31.12.2021
\n
\n
\n
\n
\nLoans for development projects
\n6,925
\n15,581
\n1,831
\n24,337
\nLoans to headquarters to finance
\ndevelopment projects
\n4,026
\n0
\n0
\n4,026
\nTotal
\n10,951
\n15,581
\n1,831
\n28,363
\n
\nAs of 31 December 2022, the Group had the following bank loans under the following conditions:
\n
\nLender
\nCountry
\nLoan
\nbalance
\nContract
\nterm
\nLoan
\nlimit
\nInterest per
\nannum
\nCollateral
\nCost value of
\nthe
\ncollateral
\nGuarantee
\ngiven
\nLHV Pank AS
\nEstonia
\n2,655
\n2023
\n8,605
\n6M Euribor+4.5%
\nMortgage - Paev\u00e4lja pst 11,
\nLageloo 3//5, Lageloo 7, Tallinn
\n6,495
\n-
\nLHV Pank AS
\nEstonia
\n4,483
\n2024
\n4,900
\n6M Euribor+3.75%
\nMortgage - Meistri 14, Tallinn
\n7,220
\n-
\nLHV Pank AS
\nEstonia
\n1,254
\n2025
\n1,300
\n6M Euribor+8%
\nMortgage - Lembitu 4, Tallinn
\n2,953
\n-
\nLHV Pank AS
\nEstonia
\n0
\n2025
\n13,900
\n6M Euribor+5.9%
\nMortgage - Paldiski mnt 227c,
\nTallinn
\n3,477
\n-
\nBigbank AS
\nLatvia
\n4,822
\n2025
\n7,000
\n5.5%
\nMortgage-Liela 45, M\u0101rupe
\n7,766
\n-
\nBigbank AS
\nLatvia
\n828
\n2024
\n1,225
\n6M Euribor+4.5%
\nCommercial pledge; Mortgage-
\nStr\u0113lnieku 4b, Riga
\n1,106
\n-
\nBigbank AS
\nLatvia
\n2,650
\n2024
\n2,650
\n5.5%
\nMortgage - Ulbrokas 30, Riga,
\nCommercial pledge
\n4,120
\n500
\nBigbank AS
\nLatvia
\n5,958
\n2025
\n7,500
\n5.5%
\nMortgage \u2013 Gregora 2a, Riga
\n10,125
\n423
\nBigbank AS
\nLatvia
\n1,985
\n2025
\n2,000
\n6M Euribor+4.5%
\nMortgage -Gan\u012bbu dambis 17A,
\nRiga; Commercial pledge
\n3,918
\n-
\n
\nAs of 31. December 2021, the Group had the following bank loans under the following conditions:
\n
\nLender
\nCountry
\nLoan
\nbalance
\nContract
\nterm
\nLoan
\nlimit
\nInterest per annum
\nCollateral
\nCost value of the
\ncollateral
\nLHV Pank AS
\nEstonia
\n1,285
\n2022
\n1,300
\n6M Euribor +8%
\nMortgage - Lembitu 4, Tallinn
\n2,811
\nLHV Pank AS
\nEstonia
\n562
\n2023
\n8,605
\n6M Euribor + 4.5%
\nMortgage - Paev\u00e4lja pst 11, Lageloo
\ntn 3 // 5, Lageloo tn 7, Tallinn
\n2,965
\nLHV Pank AS
\nEstonia
\n2,375
\n2024
\n3,115
\n6M Euribor + 4.75%
\nMortgage - Meistri 14, Tallinn
\n5,765
\nBigbank AS
\nLatvia
\n982
\n2023
\n1,150
\n6%
\nMortgage - Balo\u017eu 9, Riga
\n1,770
\nBigbank AS
\nLatvia
\n1,687
\n2024
\n2,500
\n6M Euribor + 4.5%
\nCommercial pledge; Mortgage -
\nStr\u0113lnieku 4b, Riga
\n3,245
\n
\nIn addition to bank loans, Hepsor N450 O\u00dc has a joint mortgage in the amount of 2.1 million euros as a loan collateral until the
\nloan obligation to unrelated legal entity has been fulfilled.
\nAdditional information on other guarantees given by the group is provided in Note 16.
\n
\n\n
\n\n
\n
\n\nNote 11. Lease liabilities
\nin thousands of euros
\nRight to use lease
\nliabilities
\nFinance lease liabilities
\nTotal
\n2022
\n
\n
\n
\nBalance as at 31.12.2021
\n
\n
\n
\n- current portion
\n112
\n11
\n123
\n- non-current portion
\n61
\n5
\n66
\nTotal lease liabilities balance as at 31.12.2021
\n173
\n16
\n189
\nNew lease contracts
\n0
\n58
\n58
\nRepaid
\n-107
\n-26
\n-133
\nTotal lease liabilities balance as at 31.12.2022
\n66
\n48
\n114
\n- current portion
\n36
\n10
\n46
\n- non-current portion
\n30
\n38
\n68
\n2021
\n
\n
\n
\nBalance as at 31.12.2020
\n
\n
\n
\n- current portion
\n134
\n40
\n174
\n- non-current portion
\n267
\n0
\n267
\nTotal lease liabilities balance as at 31.12.2020
\n401
\n40
\n441
\nNew lease contracts
\n78
\n0
\n78
\nRepaid
\n-129
\n-15
\n-144
\nTermination of lease contracts
\n-177
\n-9
\n-186
\nTotal lease liabilities balance as at 31.12.2021
\n173
\n16
\n189
\n- current portion
\n112
\n11
\n123
\n- non-current portion
\n61
\n5
\n66
\nAdditional information on assets under finance and right to use leases is provided in Note 5.
\n
\n\n
\n\nNote 12. Trade and other payables and prepayments
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nPrepayments from customers
\n3,054
\n1,164
\nTrade payables
\n1,906
\n1,506
\nTax payables
\n
\n
\nValue added tax
\n910
\n254
\nPersonal income tax
\n28
\n18
\nSocial security tax
\n51
\n33
\nOther taxes
\n5
\n5
\nTotal tax payables
\n994
\n310
\nAccrued expenses
\n
\n
\nPayables to employees
\n109
\n72
\nInterest payables (Note 27)
\n552
\n135
\nOther accrued expenses
\n35
\n29
\nTotal accrued expenses
\n696
\n236
\nOther current payables
\n
\n
\nEmbedded derivatives (Note 14)
\n8
\n2,115
\nOther payables
\n403
\n1,372
\nTotal other current payables
\n411
\n3,487
\nTotal trade and other payables
\n7,061
\n6,703
\nCustomer prepayments for apartments under contract under law of obligations and reservation agreements for apartments are
\nrecorded as customer prepayments.
\n
\n\n
\n\n
\n
\n\n
\n\nNote 13. Other non-current liabilities
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\n
\n
\n
\nInterest payables (Note 27)
\n1,652
\n1,020
\nOther non-current payables
\n638
\n33
\nTotal other non-current liabilities
\n2,290
\n1,053
\n
\nOther non-current liabilities include the Group\u2019s commitment to finance the construction of kindergarten for the city of Tallinn at
\nthe Manufaktuuri Quarter development project. The liability in the amount of 624 thousand euros is measured in present value
\nusing 5% discount rate. As of 31 December 2022, the book value of the liability amounted to 566 thousand euros.
\n
\n\n
\n\n\nNote 14. Embedded derivatives
\nLiabilities assumed by the Group to minority shareholders in accordance with the concluded shareholders\u2019 agreements are
\nrecognized as embedded derivatives. According to shareholders agreements the profit is shared with minority shareholders in
\nthe form as it is agreed in the agreement. As of the end of the reporting periods, upon partial or full realization of the business
\nplan of the development project, the Group had liabilities arising from embedded derivatives with regard to the following projects:
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nCurrent liabilities arising from embedded derivatives balance as at 01.01
\n2,115
\n1,022
\nSettlements with shareholder loan arising from the division agreement:
\n
\n
\nResidential development project in Pirita Road 26b, Tallinn (Note 9)
\n-2,080
\n0
\nResidential development project in Kadaka Road 141, Ehitajate Road 91/91a, Tallinn
\n0
\n-448
\nResidential development project in Valge 10/10a
\n0
\n-274
\nDividends paid
\n
\n
\nResidential development project M\u00f5igu Road 11, Rae
\n-37
\n0
\nTotal change in liabilities arising from embedded derivatives
\n-2,117
\n-722
\nChange in the value of the embedded derivative of the non-controlling interest during the reporting year
\n
\n
\nResidential development project in Pirita Road 26b, Tallinn
\n-17
\n-1,827
\nResidential development project in M\u00f5igu Road 11, Rae
\n35
\n12
\nCommercial development project in Meistri 14, Tallinn
\n-8
\n0
\nTotal change in the value of embedded derivatives of the non-controlling interest for the reporting year
\n10
\n-1,815
\nTotal current liabilities arising from embedded derivatives (Note 12)
\n8
\n2,115
\n
\nAccording to shareholders agreements the profit is shared with minority shareholders in the form as it is agreed in the agreement.
\nPursuant to the division agreement entered into between the shareholders of Hepsor P26b O\u00dc the loan granted by the Group to
\nthe shareholders was settled with the liability arising from embedded derivatives in the amount of 2,080 thousand euros. The
\nrelated expense in the amount of 17 thousand euros was recognized in other comprehensive income for 2022.
\nSubject to the resolution of the shareholders of Hepsor Peetri O\u00dc, the dividends in the amount of 29 thousand euros were paid
\nto the minority shareholder, from which income tax of 6 thousand euros was calculated and paid.
\n
\n\n
\n\n
\n
\n\n
\n
\n\nNote 15. Equity
\nAccording to the articles of association of Hepsor AS, the minimum share capital of the company is 3 million euros and the
\nmaximum share capital is 12 million euros. As of 31 December 2022, the share capital of Hepsor AS was 3,855 thousand euros
\n(31.12.2021: 3,855 thousand euros).
\nAt the general meeting of shareholders on 9 August 2021, it was decided to transform the private limited company (O\u00dc) into a
\npublic limited company (AS) and to increase the share capital of the company. The shareholders decided to increase the share
\ncapital to 3 million euros at the expense of the share premium. After the share capital increase, the company had 3 million shares
\nwith a nominal value of 1 euro.
\nOn November 8, 2021, the general meeting of shareholders decided to list the shares of Hepsor AS on the main list of the Nasdaq
\nTallinn Stock Exchange and to issue up to 854,701 shares at an offer price of 11.70 euros, of which 1 euro was the nominal value
\nand 10.70 was the share premium. The Group's shares were listed on the main list of the Nasdaq Tallinn Stock Exchange on
\nNovember 26, 2021. Additional information on the number of shares is provided in the Note 26.
\n10 million euros were raised from investors through the issue and listing of shares. Expenses related to the issue and listing of
\nshares amounted to 650 thousand euros, of which expenses related to the listing of existing shares in the amount of 205 thousand
\neuros have been recognized through profit attributable to owners of the parent company and expenses related to the issue and
\nlisting of new shares amounted to 445 thousand euros through comprehensive income. Net cash flow from issuing shares was
\n9,555 thousand euros.
\n
\n\n\nIn 2022 Hepsor Peetri O\u00dc paid dividends to minority shareholders in the amount of 29 thousand euros (2021: 64 thousand euros).
\nIn January and August 2021 Hepsor AS paid dividends to shareholders in the amount of 188 thousand euros.
\n
\n\n
\n\n\n
\n\nNote 16. Contingent liabilities
\n16.1. Contingent liabilities arising from embedded derivatives
\nIn accordance with the shareholders agreements between the Group and minority shareholders of subsidiaries (SPV\u2019s), the Group
\nhas an obligation as of 31 December 2022 to pay 12,904 thousand euros (31 December 2021: 7,501 thousand euros) to the
\nminority shareholders upon realization of the business plan. The obligations amounts are estimations calculated based on current
\nbusiness plans of the development projects as of statement of financial position dates. Contingent liabilities are estimated before
\nthe full realization of the development projects at each reporting date. As of 31 December 2022, the realization time of contingent
\nliabilities remains between 2023 and 2027.
\n16.2 Based on the investor agreement signed in December, 2022 regarding the 4b Str\u0113lnieku development project, the investor
\nwill be paid interest depending on how successful the project is upon its completion. In the opinion of the Group's management,
\nthere is certain uncertainty arising from the macroeconomic environment both in terms of the interest depending on the success
\nof the project and the time when the payment obligation arises, therefore it is not possible to reliably determine the amount of
\nthe interest obligation.
\n16.3. Group guarantees given
\nAdditional information on the guarantees given is provided in Note 10.
\nThe Group is obliged to provide warranty services during the warranty period. The Group has outsourced the provision of warranty
\nperiod services for general repairs of defects of real estate developed to contracted construction service partners.
\n
\n\n
\n\n
\n\n
\n
\n\nNote 17. Revenue
\nin thousands of euros
\n2022
\n2021
\nRevenue from sale of real estate
\n11,750
\n14,347
\nRevenue from project management services
\n145
\n227
\nRevenue from rent
\n771
\n312
\nRevenue from other services
\n204
\n75
\nTotal
\n12,870
\n14,961
\n
\nIn 2022, 9,878 thousand euros (2021: 12,769 thousand euros) were earned, which is 84% (2021: 89%) of real estate sales from
\nprivate clients.
\nIn 2022, 85 (2021: 94) apartments were sold, of which 45 in Latvia (2021: 11) and 40 in Estonia (2021: 83).
\nRevenue by geographical area:
\nin thousands of euros
\n2022
\n2021
\nEstonia
\n6,817
\n13,278
\nLatvia
\n6,053
\n1,683
\nTotal
\n12,870
\n14,961
\n
\nRevenue by operating segments:
\nin thousands of euros
\n2022
\n2021
\nResidential real estate
\n11,069
\n14,085
\nCommercial real estate
\n1,654
\n643
\nHeadquarters
\n147
\n233
\nTotal
\n12,870
\n14,961
\n
\nAdditional information on operating and geographical segments is provided in the Note 30.
\n
\n\n\n
\n\nNote 18. Cost of sales
\nin thousands of euros
\n2022
\n2021
\nCost of real estate sold
\n-9,165
\n-11,137
\nPersonnel expenses (Note 21)
\n-770
\n-444
\nInterest expenses (Note 24)
\n-218
\n-257
\nDepreciation
\n-32
\n-32
\nOther costs
\n-911
\n-32
\nTotal
\n-11,096
\n-11,902
\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\n
\n\nNote 19. Marketing expenses
\nin thousands of euros
\n2022
\n2021
\nPersonnel expenses (Note 21)
\n-117
\n-81
\nOther marketing expenses
\n-329
\n-190
\nTotal
\n-446
\n-271
\n
\n\n
\n\nNote 20. Administrative expenses
\nin thousands of euros
\n2022
\n2021
\nPersonnel expenses (Note 21)
\n-643
\n-383
\nDepreciation
\n-110
\n-125
\nTraveling and transport expenses
\n-49
\n-40
\nPurchased service expenses
\n-246
\n-347
\nOffice expenses
\n-45
\n-18
\nOther administrative expenses
\n-2
\n-29
\nTotal
\n-1,095
\n-942
\n
\n\n
\n\n
\n
\nNote 21. Personnel expenses
\nin thousands of euros
\n2022
\n2021
\nSalaries
\n-1,054
\n-680
\nSocial security and other payroll taxes
\n-476
\n-228
\nTotal (Notes 18, 19, 20)
\n-1,530
\n-908
\n
\n\nAs of 31 December 2022, the Group, together with the members of the Management Board and the Supervisory Board, had 25
\n(31.12.2021: 21) employees, of which 13 in Estonia (31.12.2021: 13) and 12 in Latvia (31.12.2021: 8).
\n
\n\n\nThe average number of employees of the Group in 2022 was 18 (2021: 13.8), of which 9 in Estonia (2021: 7.8) and 9 in Latvia
\n(2021: 6).
\n
\n\nNo special benefits, share-based payments or share options have been granted to the Group's employees, including key
\npersonnel. Key personnel include members of the Management Board and Supervisory Board of Hepsor AS and members of the
\nManagement Board of Hepsor Latvia O\u00dc.
\n
\n\n
\n\n
\n\n
\n
\nNote 22. Other operating income and expenses
\n\nOther operating income
\nin thousands of euros
\n2022
\n2021
\nFines and compensations
\n4
\n16
\nIncome from government grants
\n0
\n21
\nIncome from sale of passthrough services (Note 5)
\n20
\n19
\nProfit from the sale of property, plant and equipment
\n18
\n0
\nOther operating income
\n28
\n27
\nTotal
\n70
\n83
\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n\n
\n\nOther operating expenses:
\nin thousands of euros
\n2022
\n2021
\nFines and compensations
\n-2
\n-17
\nCost of assigning the contractual claim
\n-3
\n-8
\nLoss on doubtful accounts receivable (Note 3)
\n-4
\n-6
\nSublease expenses (Note 5)
\n-20
\n-18
\nOther operating expenses
\n-39
\n0
\nTotal
\n-68
\n-49
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n\nNote 23. Financial income
\nin thousands of euros
\n2022
\n2021
\nInterest income (Note 27)
\n183
\n145
\nProfit from associates of equity method
\n1,086
\n0
\nOther financial income from financial investment
\n460
\n43
\nFinancial income from discounting
\n160
\n133
\nTotal
\n1,889
\n321
\n
\nIn 2022, the Group earned non-recurring financial income from waiver of minority shareholder\u2019s loan liability in the amount of
\n437 thousand euros. During the financial year, the Group earned profit of 566 thousand euros from Hepsor P113 O\u00dc and 520
\nthousand euros from Hepsor N170 O\u00dc, its associated companies, by using equity method of accounting.
\n
\n\n
\n\n
\n\n
\n\n
\n\nNote 24. Financial expenses
\nin thousands of euros
\n2022
\n2021
\nInterest expenses (Note 27)
\n-717
\n-434
\nLoss from associates of equity method
\n0
\n-2
\nFinancial expenses from discounting
\n-29
\n-14
\nOther financial expenses
\n-41
\n-62
\nTotal
\n-787
\n-512
\n
\nIn 2022 borrowing costs in the amount of 1,842 thousand euros 2021: 1,518 thousand euros) have been capitalized as the cost of
\ninventories (Note 4). Interest expenses of 218 thousand euros have been recognized in the cost of sales in 2022 (2021: 257
\nthousand euros) (Note 18).
\nThe interest rate used for discounting long-term financial receivables and liabilities is 5% per annum, which, according to the
\nmanagement, is the average interest rate that the Group should pay when borrowing.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n\nNote 25. Corporate income tax and deferred income tax
\nHistorically the Group has financed its development activity mainly from retained earnings and dividend payments have been
\nmade in minor amounts.
\nGroup\u2019s dividend policy considers Group\u2019s growth ambition, capital need for development projects, financial position, liquidity
\nratios of the Group and other factors. Based on the 2023 forecast the dividend payments are not expected as most of the Group\u2019s
\ndevelopment projects are in the active pipeline and need further investments. The Group reinvests all expected profits to further
\nsupport the Group\u2019s growth.
\nThe Group\u2019s deferred income tax liability is based on the profit or loss from subsidiaries with minority holding, and where the
\ndistribution of profit has not been agreed in the shareholders\u2019 agreement. If the parent company assesses that the dividend will
\nbe paid in the foreseeable future, the deferred income tax liability is measured to the extent of the planned dividend payment as
\nat the reporting date. The deferred income tax liability is reduced if the distribution of profit from the development project has
\nbeen agreed between the shareholders.
\nIn April 2021 the shareholders of Hepsor Peetri O\u00dc decided to pay out dividends to the minority holders in the amount of 64
\nthousand euros. Income tax expense on dividends paid amounted to 16 thousand euros and in 2022 in the amount of 29 thousand
\neuros, income tax expense on dividends paid amounted to 6 thousand euros.
\nin thousands of euros
\n2022
\n2021
\nCurrent income tax expense (Note 27)
\n-6
\n+16
\nDeferred income tax
\n
\n
\nDeferred income tax balance as at 01.01
\n0
\n60
\nDeferred income tax expense reduction (-)
\n0
\n-60
\nDeferred income tax balance as at 31.12
\n0
\n0
\nTotal income tax and deferred tax expense
\n-6
\n-16
\n
\n\n
\n\n
\n\nNote 26. Earnings per share
\nThe number of shares of Hepsor AS: 3,854,701 (EUR) * 1 (EUR) nominal value = 3,854,701 shares.
\n
\n2022
\n2021 adjusted
\nProfit for the year attributable to owners of the parent (thousands of euros)
\n1,396
\n-22
\nWeighted average number of ordinary shares (thousand pcs) (Note 1.3)
\n3,855
\n3,124
\nBasic earnings per share (euros)
\n0.36
\n-0.01
\nDiluted earnings per share (euros)
\n0.36
\n-0.01
\n
\nOn October 14, 2021, during the transformation of Hepsor private limited company (O\u00dc) into a public limited company (AS), the
\ncompany's share capital became 3 million euros, the nominal value of which was 1 euro per share. The company's share capital
\nwas increased at the expense of the share premium. The number of Hepsor AS shares was after the transformation: share capital
\n3,000,000 (EUR)/1 (EUR) nominal value = 3,000,000 shares.
\nOn November 8, 2021, the general meeting of shareholders decided to list the shares of Hepsor AS on the main list of the Nasdaq
\nTallinn Stock Exchange and to issue up to 854,701 shares at an offer price of 11.70 euros, of which 1 euro was the nominal value
\nand 10.70 was the share premium. The average number of ordinary shares in 2021 was 3,124,107 shares. Additional information
\non share capital is provided in the Note 15.
\nEarnings per share is calculated when profit for the year attributable to owners of the parent is divided by number of shares.
\n
\n\n
\n\n
\n\nNote 27. Information about line items in the consolidated statement of cash flows
\nin thousands of euros
\n2022
\n2021
\nInventories
\n
\n
\nReclassification of cash flows from financing activities to operating activities (Note 4)
\n
\n1,842
\n1,518
\nDecrease (-)/ increase (+) of change inventories balances (Note 4)
\n-32,523
\n-14,334
\nActual interest rate impact
\n-254
\n-229
\nChange in inventories
\n-30,935
\n-13,045
\n
\n
\n
\nCorporate income tax
\n
\n
\nIncome tax expense in statement of profit or loss and other comprehensive income (Note 25)
\n
\n-6
\n-16
\nDecrease (-)/ increase (+) of corporate income tax liability
\n0
\n-58
\nCorporate income tax paid
\n-6
\n-74
\n
\n
\n
\nInterest paid
\n
\n
\nInterest expense in statement of profit or loss and other comprehensive income (Note 24)
\n-717
\n-434
\nReclassification of cash flows from financing activities to operating activities (Note 24)
\n-1,842
\n-1,518
\nDecrease (-)/ increase (+) of interest payables (Notes 12,13)
\n1,049
\n591
\nActual and compound interest rate impact
\n360
\n510
\nInterest paid
\n-1,150
\n-851
\n
\n
\n
\nInterest received
\n
\n
\nInterest income in statement of profit or loss and other comprehensive income (Note 23)
\n183
\n145
\nDecrease (+)/increase (-) (Notes 3,8)
\n141
\n-128
\nInterest received
\n324
\n17
\n
\n\n
\n\n
\n\n
\n\nNote 28. Shares of associates
\nAt the end of reporting periods, the Group has ownership in the following associates:
\n
\nOwnership and voting rights %
\n
\n31.12.2022
\n31.12.2021
\nHepsor P113 O\u00dc
\n45
\n45
\nHepsor N170 O\u00dc
\n25
\n25
\n
\nFinancial information about associates:
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\n
\nHepsor P113 O\u00dc
\nHepsor N170 O\u00dc
\nHepsor P113 O\u00dc
\nHepsor N170 O\u00dc
\nCurrent assets
\n
\n
\n
\n
\nCash and cash equivalents
\n919
\n2
\n218
\n373
\nTrade and other receivables
\n94
\n103
\n85
\n82
\nCurrent loan receivables
\n0
\n1,536
\n0
\n0
\nInventories
\n0
\n160
\n6,991
\n6,591
\nTotal current assets
\n1,013
\n1,801
\n7,294
\n7,046
\nNon-current assets
\n
\n
\n
\n
\nInvestment property
\n13,100
\n0
\n0
\n0
\nTrade and other receivables
\n297
\n0
\n0
\n0
\nTotal non-current assets
\n13,397
\n0
\n0
\n0
\nTotal assets
\n14,410
\n1,801
\n7,294
\n7,046
\nCurrent liabilities
\n
\n
\n
\n
\nLoans and borrowings
\n158
\n0
\n0
\n5,534
\nTrade and other payables
\n286
\n2
\n1,034
\n1,595
\nTotal current liabilities
\n444
\n2
\n1,034
\n7,129
\nNon-current liabilities
\n
\n
\n
\n
\nLoans and borrowings
\n12,165
\n0
\n6,198
\n0
\nOther non-current liabilities
\n228
\n0
\n147
\n0
\nTotal non-current liabilities
\n12,393
\n0
\n6,345
\n0
\nTotal liabilities
\n12,837
\n2
\n7,379
\n7,129
\nTotal equity
\n1,573
\n1,799
\n-85
\n-83
\nTotal liabilities and equity
\n14,410
\n1,801
\n7,294
\n7,046
\n
\nThe construction of commercial property development project by Hepsor P113 O\u00dc in Tallinn, P\u00e4rnu road 113 was completed in
\nthe fourth quarter of 2022. The occupancy of the office building is 100%. As of 31 December 2022, the building was reclassified
\nas an investment property. The investment property is recorded at fair value. The fair value measurement was conducted by
\nColliers International Advisors O\u00dc using the discounted cash flow method, the best method for income generating investment
\nproperty. The valuation is based on existing cash flows or cash flows based on market averages, the investment yield and the
\nappropriate discount rate, which takes into account the average expected yield of similar assets, taking into account the property's
\nlocation, technical condition, risk levels of tenants, etc. The valuation as at the end of 2022 was based on 6.3% yield and 7.7%
\ndiscount rate.
\nAs of 31 December 2022, all 76 apartments and commercial space of 1,488 sqm in the project of an apartment building with
\ncommercial space in Tallinn, Narva mnt 170 developed by Hepsor N170 O\u00dc have been sold under real right contracts.
\n
\n\n
\n\n
\n\n
\n\n
\n\nNote 29. Subsidiaries
\n
\nOwnership and voting rights %
\n
\n
\n
\n31.12.2022
\n31.12.2021
\nLocation
\nSegment
\nHepsor Finance O\u00dc
\n100
\n100
\nEstonia
\nHeadquarter
\nHepsor Tooma O\u00dc
\n100
\n100
\nEstonia
\nCommercial development
\nHepsor Kadaka O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor Phoenix O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor Peetri O\u00dc
\n100
\n68
\nEstonia
\nResidential development
\nHepsor V10 O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor Latvia O\u00dc
\n80
\n80
\nEstonia
\nHeadquarter
\nHepsor L4 O\u00dc
\n100
\n100
\nEstonia
\nCommercial development
\nHepsor P26 O\u00dc
\n100
\n51
\nEstonia
\nResidential development
\nT2T4 O\u00dc
\n50
\n50
\nEstonia
\nCommercial development
\nHepsor Phoenix 2 O\u00dc
\n50
\n50
\nEstonia
\nResidential/ Commercial development
\nHepsor Phoenix 3 O\u00dc
\n50
\n50
\nEstonia
\nResidential/ Commercial development
\nHepsor PV 11 O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor M14 O\u00dc
\n51
\n51
\nEstonia
\nCommercial development
\nHepsor 3Torni O\u00dc
\n51
\n51
\nEstonia
\nResidential development
\nHepsor N450 O\u00dc
\n100
\n100
\nEstonia
\nResidential/ Commercial development
\nH&R Residentsid O\u00dc
\n50
\n50
\nEstonia
\nResidential development
\nHepsor Fortuuna O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor A1 O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor Phoenix 4 O\u00dc
\n50
\n-
\nEstonia
\nResidential development
\nHepsor N57 O\u00dc
\n100
\n-
\nEstonia
\nResidential development
\nHepsor Kanada O\u00dc
\n100
\n-
\nEstonia
\nHeadquarter
\nHepsor Kvarta Holding O\u00dc
\n40
\n-
\nEstonia
\nHeadquarter
\nHepsor Bal 9 O\u00dc
\n57
\n57
\nEstonia
\nHeadquarter
\nHepsor Bal 9 SIA
\n57
\n57
\nLatvia
\nResidential development
\nHepsor Bal 7 SIA
\n100
\n100
\nLatvia
\nResidential development
\nHepsor Agen24 SIA
\n100
\n100
\nLatvia
\nResidential development
\nHepsor SIA
\n80
\n80
\nLatvia
\nHeadquarter
\nHepsor Marupe SIA
\n40
\n80
\nLatvia
\nResidential development
\nHepsor U30 SIA
\n80
\n80
\nLatvia
\nCommercial development
\nHepsor S4B SIA
\n100
\n100
\nLatvia
\nResidential/ Commercial development
\nHepsor SA2 SIA
\n41
\n41
\nLatvia
\nResidential development
\nHepsor RD 5 SIA
\n80
\n80
\nLatvia
\nResidential development
\nHepsor U34 SIA
\n56
\n56
\nLatvia
\nCommercial development
\nHepsor JG SIA
\n80
\n-
\nLatvia
\nResidential development
\nHepsor Jugla SIA
\n80
\n-
\nLatvia
\nResidential development
\nHepsor Ganibu Dambis SIA
\n80
\n-
\nLatvia
\nCommercial development
\nKvarta SIA
\n40
\n-
\nLatvia
\nResidential development
\n
\nSubsidiaries where the Group holds 50% ownership interest are consolidated based on, the assessment of the Management of
\nthe Group that the Group effectively controls the subsidiary by virtue of managing the real estate development projects and/or
\nthrough a shareholder agreement.
\n
\n\n
\n\n
\n\n
\n\n
\n\nIn 2022, the following changes took place in the structure of the Group:
\n\u2713 In February 2022, Hepsor Latvia O\u00dc sold its 50% shareholding in Hepsor Marupe SIA to the co-owners in accordance with the
\nshareholders\u2019 agreement. Hepsor Marupe SIA is developing a project with 92 apartments in Marupe, Latvia, near the Riga
\ncity boundary.
\n\u2713 In March 2022, Hepsor AS acquired a minority stake in Hepsor P26b O\u00dc and Hepsor Peetri O\u00dc increasing its stake in both
\ncompanies to 100%. The development projects of these entities ended in 2021.
\n\u2713 In January 2022, Hepsor Latvia O\u00dc acquired a 50% shareholding in Kvarta Holding O\u00dc in accordance with an option
\nagreement. Kvarta Holding O\u00dc owns a 100% shareholding in Kvarta SIA, which is developing Kuldigas Parks residential
\ndevelopment project with 116 apartments in Riga at Gregora 2a.
\n\u2713 In January Hepsor Latvia O\u00dc acquired a 100% shareholding in Hepsor Jugla SIA-s (former business name Brofits SIA). Hepsor
\n Jugla SIA is developing residential development with 100 apartments in Riga at Braila 23.
\n
\nPurchase price allocation as of 31 December 2021:
\n
\nin thousands of euros
\nHepsor Jugla SIA
\nKvarta Holding O\u00dc (consolidated)
\nAssets
\n
\n
\nCash and cash equivalents
\n0
\n290
\nTrade receivables and prepayments
\n0
\n315
\nInventories
\n240
\n3,108
\nTotal assets
\n240
\n3,713
\nLiabilities
\n
\n
\nTrade and other payables
\n1
\n639
\nLoans and borrowings
\n161
\n3,074
\nLoans and borrowings to Group company
\n-161
\n-1,100
\nTotal liabilities
\n1
\n2,613
\nNet assets
\n239
\n1,100
\nAcquisition cost
\n239
\n1,100
\nGoodwill
\n0
\n0
\n
\nThe acquisition cost of Kvarta Holding O\u00dc includes loan issued by Hepsor Latvia O\u00dc in the amount of 1,100 thousand euros.The
\npurchase price of shareholding in Hepsor Jugla SIA amounted to 239 thousand euros plus loan receivable in the amount of 161
\nthousand euros.
\nThe Group established 5 new real estate development companies in 2022:
\n\u2713 On 20 January 2022, Hepsor Latvia O\u00dc established Hepsor Ganibu Dambis SIA, a subsidiary that is developing a commercial
\nproperty project in Riga.
\n\u2713 On 8 July 2022, Hepsor Latvia O\u00dc established Hepsor JG SIA, a subsidiary that will develop a three-story A energy class
\nresidential building with 40 apartments at Jurmala Gatve street, Imanta district, Riga.
\n\u2713 On 24 August 2022, Hepsor AS established Hepsor Phoenix 4 O\u00dc, a subsidiary where the Group holds a 50% stake. Hepsor
\nPhoenix 4 O\u00dc acquired a property in Manufaktuuri Quarter to develop approximately 60 new apartments with its long-term
\ncooperation partner Tolaram Grupp.
\n\u2713 On 8 September 2022, Hepsor AS established Hepsor N57 O\u00dc to develop a residential building with 26 apartments on the
\nproperty at N\u00f5mme tee 57 in Tallinn.
\n\u2713 On 18 November 2022, Hepsor AS established a subsidiary Hepsor Kanada O\u00dc to start the process of establishing a subsidiary
\nin Canada.
\n
\n\n
\n\n
\n\n
\n\n
\n\nChanges in Group structure in 2022 and impact on comprehensive income and cash flows:
\n
\nin thousands of euros
\nOther comprehensive income
\nCash flows from investing
\nactivities
\n
\nComprehensive income
\nattributable to owners of the
\nparent
\nComprehensive income
\nattributable to non-
\ncontrolling interest
\nProceeds from sale of
\nsubsidiaries
\nChanges related to the change of
\nownership
\n
\n
\n
\nHepsor P26B O\u00dc
\n-85
\n85
\n-
\nHepsor Peetri O\u00dc
\n-10
\n10
\n-
\nHepsor M\u0101rupe SIA
\n-18
\n153
\n135
\nHepsor Ganibu Dambis SIA
\n-100
\n100
\n-
\nHepsor SIA
\n-100
\n100
\n-
\nHepsor Bal 9 SIA
\n68
\n-68
\n-
\nHepsor JG SIA
\n-16
\n16
\n-
\nHepsor U34 SIA
\n-28
\n28
\n
\nHepsor RD5 SIA
\n-16
\n16
\n
\nHepsor Jugla SIA
\n-129
\n-32
\n-
\nTotal
\n-434
\n408
\n135
\n
\nChanges in Group structure in 2021 and impact on comprehensive income and cash flows:
\n
\nin thousands of euros
\nCash flows from financing activities
\nCash flows from financing activities
\n
\nOwners of the parent
\nNon-controlling interest
\nNon-controlling interest
\ncontributions to share capital
\nReserves
\nContributions to equity
\n
\n
\n
\n
\nHepsor Latvia O\u00dc
\n0
\n10
\n10
\n190
\nHepsor U34 SIA
\n0
\n60
\n60
\n0
\nChanges related to the
\nchange of ownership
\n
\n
\n
\n
\nHepsor Kadaka O\u00dc
\n66
\n-66
\n-
\n-
\nHepsor Phoenix O\u00dc
\n-125
\n125
\n-
\n-
\nHepsor V10 O\u00dc
\n90
\n-90
\n-
\n-
\nHepsor Bal 9 O\u00dc
\n4
\n-4
\n-
\n-
\nHepsor Bal 9 SIA
\n1
\n-1
\n-
\n-
\nHepsor SA2 SIA
\n3
\n-3
\n-
\n-
\nHepsor Marupe SIA
\n1
\n-1
\n-
\n-
\nHepsor U30 SIA
\n1
\n-1
\n-
\n-
\nHepsor SIA
\n27
\n-27
\n-
\n-
\nTotal
\n68
\n2
\n70
\n190
\n
\n\n
\n\n
\n\n
\n\n
\nNote 30. Operating segments
\nThe segment reporting is presented in respect of operating and geographical segments. .
\nThe Group reports separately information about the following operating segments:
\n\u2713 residential real estate;
\n\u2713 commercial real estate;
\n\u2713 headquarters.
\nRevenues generated by headquarters are gained from the provision of project management services. All personnel expenses are
\naccounted in headquarters.
\nGeographical segments refer to the location of the real estate. The Group operates in Estonia and Latvia.
\nSegment reporting is presented on the basis of consolidated indicators, where all transactions between the Group\u2019s companies
\nhave been eliminated.
\n\nin thousands of euros
\nResidential development
\nCommercial development
\nHeadquarters
\nTotal
\n2022
\nEstonia
\nLatvia
\nEstonia
\nLatvia
\nEstonia
\nLatvia
\nRevenue
\n6,064
\n5,005
\n608
\n1,046
\n145
\n2
\n12,870
\nincl. revenue from rent
\n0
\n129
\n391
\n251
\n0
\n0
\n771
\nOperating profit
\n1,274
\n864
\n251
\n284
\n-1,594
\n-844
\n235
\nAssets
\n26,975
\n21,994
\n13,816
\n9,748
\n5,547
\n288
\n78,368
\nLiabilities
\n17,813
\n16,154
\n9,627
\n5,397
\n6,218
\n2,836
\n58,045
\n
\nin thousands of euros
\nResidential development
\nCommercial development
\nHeadquarters
\nTotal
\n2021
\nEstonia
\nLatvia
\nEstonia
\nLatvia
\nEstonia
\nLatvia
\nRevenue
\n12,893
\n1,192
\n181
\n462
\n204
\n29
\n14,961
\nincl. revenue from rent
\n15
\n209
\n61
\n27
\n0
\n0
\n312
\nOperating profit
\n3,200
\n219
\n-5
\n23
\n-1,104
\n-453
\n1,880
\nAssets
\n22,859
\n6,707
\n10,640
\n3,515
\n8,827
\n2,797
\n55,345
\nLiabilities
\n16,853
\n3,893
\n6,693
\n1,735
\n4,991
\n2,143
\n36,308
\n
\n\n
\n\n
\n\n
\n\n
\n\nNote 31. Non-controlling interest
\nAs of 31 December 2022, the Group had 21 (31.12.2021: 17) companies with non-controlling holding.
\nCompany
\nNon-controlling interest and voting rights at %
\nLocation
\nSegment
\n
\n31.12.2022
\n31.12.2021
\n
\n
\nHepsor Bal 9 O\u00dc
\n43
\n43
\nEstonia
\nHeadquarter
\nHepsor Bal9 SIA
\n43
\n43
\nLatvia
\nResidential development
\nHepsor Peetri O\u00dc
\n-
\n32
\nEstonia
\nResidential development
\nHepsor T2T4 O\u00dc
\n50
\n50
\nEstonia
\nCommercial development
\nHepsor P26B O\u00dc
\n-
\n49
\nEstonia
\nResidential development
\nHepsor Phoenix 2 O\u00dc
\n50
\n50
\nEstonia
\nResidential development
\nHepsor Phoenix 3 O\u00dc
\n50
\n50
\nEstonia
\nResidential development
\nHepsor M14 O\u00dc
\n49
\n49
\nEstonia
\nCommercial development
\nHepsor 3 Torni O\u00dc
\n49
\n49
\nEstonia
\nResidential development
\nHepsor SA2 SIA
\n59
\n59
\nLatvia
\nResidential development
\nHepsor Latvia O\u00dc
\n20
\n20
\nEstonia
\nHeadquarter
\nH&R Residentsid O\u00dc
\n50
\n50
\nEstonia
\nResidential development
\nHepsor U34 SIA
\n44
\n44
\nLatvia
\nCommercial development
\nHepsor RD5 SIA
\n20
\n20
\nLatvia
\nResidential development
\nHepsor U30 SIA
\n20
\n20
\nLatvia
\nCommercial development
\nHepsor SIA
\n20
\n20
\nLatvia
\nHeadquarter
\nHepsor Marupe SIA
\n60
\n20
\nLatvia
\nResidential development
\nHepsor Phoenix 4 O\u00dc
\n50
\n-
\nEstonia
\nResidential development
\nHepsor JG SIA
\n20
\n-
\nLatvia
\nResidential development
\nHepsor Jugla SIA
\n20
\n-
\nLatvia
\nResidential development
\nHepsor Ganibu Dambis SIA
\n20
\n-
\nLatvia
\nCommercial development
\nKvarta Holding O\u00dc
\n60
\n-
\nEstonia
\nHeadquarter
\nKvarta SIA
\n60
\n-
\nLatvia
\nResidential development
\n
\n\n
\n\n
\n\n
\n\n
\n\nFinancial information for subsidiaries with non-controlling interest:
\n
\nin thousands of euros
\n*Project
\nstatus
\nCurrent
\nassets
\nNon-current
\nassets
\nCurrent
\nliabilities
\nNon-current
\nliabilities
\nEquity
\nNet profit for
\nthe year
\nComprehensive
\nincome (-loss)
\nCompany
\n Balance as of 31.12.2022
\n2022
\nHepsor Bal 9 O\u00dc
\n-
\n156
\n3
\n169
\n0
\n-10
\n3
\n3
\nHepsor Bal9 SIA
\n-
\n59
\n0
\n2
\n0
\n57
\n105
\n105
\nHepsor T2T4 O\u00dc
\nC
\n1,458
\n0
\n0
\n1,449
\n9
\n-4
\n-4
\nHepsor Phoenix 2 O\u00dc
\nC
\n3,424
\n0
\n50
\n3,348
\n26
\n29
\n29
\nHepsor Phoenix 3 O\u00dc
\nB
\n4,429
\n0
\n18
\n4,346
\n65
\n-6
\n-6
\nHepsor M14 O\u00dc
\nE, D
\n8,053
\n0
\n219
\n7,879
\n-45
\n32
\n24
\nHepsor 3Torni O\u00dc
\nD
\n4,274
\n0
\n477
\n3,815
\n-18
\n-17
\n-17
\nHepsor SA2 SIA
\nB
\n898
\n0
\n2
\n920
\n-24
\n-2
\n-2
\nHepsor Latvia O\u00dc
\n-
\n4,314
\n5,775
\n1,031
\n8,012
\n1,046
\n94
\n94
\nH&R Residentsid O\u00dc
\nA
\n1,235
\n0
\n0
\n1,232
\n3
\n0
\n0
\nHepsor U34 SIA
\nB
\n1,310
\n0
\n2
\n1,110
\n198
\n-2
\n-2
\nHepsor RD5 SIA
\nB
\n591
\n0
\n20
\n516
\n55
\n-25
\n-25
\nHepsor U30 SIA
\nE
\n4,633
\n0
\n4,350
\n0
\n283
\n31
\n31
\nHepsor SIA
\n-
\n71
\n6
\n243
\n0
\n-166
\n-316
\n-316
\nHepsor Marupe SIA
\nD
\n8,578
\n0
\n8,361
\n0
\n217
\n-30
\n-30
\nHepsor Phoenix 4 O\u00dc
\nA
\n893
\n0
\n12
\n879
\n2
\n0
\n0
\nHepsor JG SIA
\nB
\n417
\n0
\n0
\n337
\n80
\n0
\n0
\nHepsor Jugla SIA
\nB
\n691
\n0
\n26
\n346
\n344
\n-2
\n-2
\nHepsor Ganibu Dambis SIA
\nA
\n4,283
\n0
\n78
\n3,699
\n506
\n6
\n6
\nKvarta Holding O\u00dc
\n-
\n3,175
\n0
\n3,175
\n0
\n0
\n0
\n0
\nKvarta SIA
\nD
\n9,685
\n0
\n10,421
\n0
\n-736
\n-45
\n-45
\n
\nin thousands of euros
\n*Project
\nstatus
\nCurrent
\nassets
\nNon-current
\nassets
\nCurrent
\nliabilities
\nNon-current
\nliabilities
\nEquity
\nNet profit for
\nthe year
\nComprehensive
\nincome (-loss)
\nCompany
\nBalance as of 31.12.2021
\n2021
\nHepsor Bal 9 O\u00dc
\n -
\n530
\n240
\n783
\n0
\n-13
\n14
\n14
\nHepsor Bal9 SIA
\nD
\n2,067
\n0
\n1,878
\n0
\n189
\n-44
\n-44
\nHepsor Peetri O\u00dc
\n-
\n232
\n0
\n35
\n0
\n197
\n228
\n240
\nHepsor T2T4 O\u00dc
\nC
\n1,300
\n0
\n0
\n1,286
\n14
\n11
\n11
\nHepsor P26B O\u00dc
\nE
\n3,558
\n0
\n2,454
\n0
\n1,104
\n2,646
\n819
\nHepsor Phoenix 2 O\u00dc
\nB
\n2,518
\n0
\n20
\n2,501
\n-3
\n-3
\n-3
\nHepsor Phoenix 3 O\u00dc
\nB
\n3,399
\n0
\n33
\n3,296
\n70
\n69
\n69
\nHepsor M14 O\u00dc
\nD
\n6,585
\n0
\n267
\n6,387
\n-69
\n-60
\n-60
\nHepsor 3Torni O\u00dc
\nC
\n2,858
\n0
\n3
\n2,857
\n-2
\n-4
\n-4
\nHepsor SA2 SIA
\nB
\n967
\n0
\n0
\n990
\n-23
\n0
\n0
\nHepsor Latvia O\u00dc
\n-
\n2,165
\n4,338
\n1,386
\n4,165
\n952
\n-48
\n-48
\nH&R Residentsid O\u00dc
\nA
\n626
\n0
\n0
\n623
\n3
\n0
\n0
\nHepsor U34 SIA
\nB
\n1,242
\n0
\n278
\n764
\n200
\n0,
\n0
\nHepsor RD5 SIA
\nB
\n405
\n0
\n0
\n325
\n80
\n0
\n0
\nHepsor U30 SIA
\nD
\n1,830
\n0
\n355
\n1,224
\n251
\n-44
\n-44
\nHepsor SIA
\n-
\n131
\n10
\n472
\n0
\n-331
\n-213
\n-213
\nHepsor Marupe SIA
\nC
\n771
\n0
\n35
\n489
\n247
\n-17
\n-17
\n
\nIn 2022, Hepsor Peetri O\u00dc paid out dividends in the amount of 29 thousand euros (2021: 64 thousand euros) to the non-controlling
\ninterest.
\n
\n\n
\n\n
\n\n
\n
\n\n
\n\nProject statuses are classified as following:
\nA \u2013 planning proceedings
\nB \u2013 building permit proceedings
\nC \u2013 building permit available / construction has not yet started
\nD \u2013 construction started / sale started
\nE \u2013 construction ready for sale
\n
\n\n
\n\n
\n\n
\nNote 32. Related parties
\n\nThe Group considers key members of the management (supervisory and management board), their close relatives and entities
\nunder their control or significant influence as well as associated companies as related parties.
\n
\n\n
\nBalances and transactions with related parties
\n
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nReceivables
\n
\n
\nLoans granted (Note 9)
\n
\n
\nAssociated companies
\n
\n
\nOpening balance 01.01
\n2,587
\n1,371
\nLoan granted
\n0
\n1,216
\nRepaid
\n-821
\n0
\nBalance at the end of period
\n1,766
\n2,587
\nKey members of the management and all companies directly or indirectly
\nowned by them
\n
\n
\nOpening balance 01.01
\n0
\n0
\nLoan granted
\n176
\n0
\nRepaid
\n-176
\n0
\nBalance at the end of period
\n0
\n0
\nTrade and other receivables
\n
\n
\nKey members of the management and all companies directly or indirectly
\nowned by them
\n208
\n12
\nInterest receivables
\n
\n
\nAssociated companies
\n36
\n169
\nPayables
\n
\n
\nLoans and borrowings (Note 10)
\n
\n
\nAssociated companies
\n
\n
\nOpening balance 01.01
\n0
\n0
\nReceived
\n464
\n0
\nRepaid
\n-41
\n0
\nBalance at the end of period
\n423
\n0
\nKey members of the management and all companies directly or indirectly
\nowned by them
\n
\n
\nOpening balance 01.01
\n1,831
\n640
\nReceived
\n80
\n1,691
\nRepaid
\n-28
\n-500
\nBalance at the end of period
\n1,883
\n1,831
\nTrade payables
\n
\n
\nKey members of the management and all companies directly or indirectly
\nowned by them
\n1,762
\n1,126
\nInterest payables
\n
\n
\nAssociated companies
\n2
\n0
\nKey members of the management and all companies directly or indirectly
\nowned by them
\n167
\n70
\n
\n\n
\n\n
\n
\n\nPurchases and sales of goods and services
\n
\nin thousands of euros
\n2022
\n2021
\nSales of goods and services
\n
\n
\nAssociated companies
\n115
\n160
\nKey members of the management and all companies
\ndirectly or indirectly owned by them
\n159
\n65
\nTotal sales of goods and services
\n274
\n225
\nPurchases of goods and services
\n
\n
\nAssociated companies
\n46
\n0
\nKey members of the management and all companies
\ndirectly or indirectly owned by them
\n25,707
\n11,349
\n incl. construction service
\n25,467
\n11,160
\nInterest income earned
\n
\n
\nAssociated companies
\n
\n
\nInterest earned
\n166
\n141
\nInterest received
\n313
\n0
\nKey members of the management and all companies
\ndirectly or indirectly owned by them
\n
\n
\nInterest earned
\n3
\n0
\nInterest received
\n3
\n0
\nInterest expenses incurred
\n
\n
\nAssociated companies
\n
\n
\nAccrued interest
\n2
\n0
\nInterest paid
\n0
\n0
\nKey members of the management and all companies
\ndirectly or indirectly owned by them
\n
\n
\nAccrued interest
\n229
\n136
\nInterest paid
\n132
\n68
\n
\n\n
\n\nNote 33. Events after the reporting period
\n\u2713 In January 2023, Hepsor AS bought a minority stake in its subsidiary Hepsor Bal9 O\u00dc thus increasing its stake to 100%.
\n\u2713 Hepsor N57 O\u00dc, a subsidiary of Hepsor AS, signed a loan agreement with LHV Pank in the amount of 3.06 million euros to
\nfinance the construction of the Lillek\u00fcla Kodud development project. The loan repayment deadline is in 2026.
\n\u2713 In January 2023, based on the decision of the Tallinn District Court, the lawsuit filed against Hepsor Phoenix 3 O\u00dc, where
\nthe procurement of demolition works was disputed, was not satisfied.
\n\u2713 Hepsor RD5 SIA, Hepsor AS group company, and Mitt&Perlebach SIA signed a construction agreement on 16 March 2023 for
\nthe construction of the Nameja Rezidence development project in Riga. The value of the construction agreement is
\napproximately 4.6 million euros excluding VAT.
\n\u2713 Hepsor Phoenix 2 O\u00dc, Hepsor AS group company, and LHV Pank O\u00dc signed 17.5 million loan agreement on 15 March 2023.
\nThe purpose of the three-year loan is to finance the construction of Manufaktuuri 7 development project.
\n\u2713 Hepsor Phoenix 2 O\u00dc, Hepsor AS group company, and Mitt&Perlebach O\u00dc signed a construction agreement on 8 March
\n2023 for the construction of the Manufaktuuri 7 development project in the Manufaktuuri Quarter in Tallinn. The value of
\nthe construction agreement is approximately 18.5 million euros excluding VAT.
\n
\n\n
\n\n
\n\n
\nNote 34. Risk management
\nRisk management is part of the Group\u2019s strategic planning and decision-making process. The Group is exposed to a number of
\nrisks and uncertainties related to, among other factors, the business and financial risks. The materialisation of any such risks could
\nhave a material adverse effect on the Group\u2019s business, financial condition, results of operations and future prospects. The
\nGroup\u2019s risk management process is based on the premise that the Group\u2019s success depends on constant monitoring, accurate
\nassessment, and effective management of risks. The Group\u2019s management monitors the management of these risks.
\nStrategic risk
\nThe Group\u2019s strategic risks are risks that can significantly impact the execution of its business strategies and ability to achieve the
\nobjectives. Such risks are impacted by changes in political environment and market demand as well as microeconomic
\ndevelopments. While the risks can have negative impact on the Group\u2019s business, they can also create new business opportunities.
\nThe Group carefully selects the new development projects and monitors the market trends in order to adjust its strategy when
\nsignificant changes occur.
\n\nMarket risk
\nMarket risk is the risk arising from changes in the markets to which the Group is exposed. The main market risks are price risk and
\ninterest rate risk. The Group is exposed to price risk resulting from a decrease in the market values of the group's real estate
\ndevelopment projects or a price increase due to a change in input prices. There can be no guarantee that the Group will be able
\nto sell its development projects in future with prices that are similar or higher than the expected market value of these projects.
\nThe Group cannot ensure it is able to sell its development projects with expected prices could have an unfavourable impact on
\nthe Group\u2019s statement of financial position and may have a material adverse effect on the Group\u2019s business, financial condition,
\nprospects and results of operations and execution of its strategy. For mitigating the market risk, the management of the Group
\nconstantly monitors the changes and situation in the market when making development decisions.
\nThe Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group
\nactively uses external and internal borrowings to finance its real estate development projects in Estonia and Latvia. A project\u2019s
\nexternal financing is either in the form of a bank loan, investor loan or loan from minority interest holders.
\nThe interest rates of investor loans are usually fixed, ie interest rates are not floating and do not depend on Euribor.
\nThe Group\u2019s bank loans have both fixed and floating interest rates based on Euribor. Bank loans have 0% floor clause as protection
\nagainst negative Euribor meaning that in case of negative Euribor, Euribor is equalized to zero and the margin of such loans does
\nnot decrease. The management constantly monitors the Group\u2019s exposure to interest rate risk which arises from loans with
\nfloating interest rates. Such risk is mainly related to the potential upward movement in Euribor as already warned by European
\nCentral Bank. In 2022, the 6-month Euribor has increased by 2.69%, in 2021, the 6-month Euribor was negative.
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nFinancial liabilities with fixed interest rate
\n18,451
\n18,393
\n incl. bank loan liabilities with fixed interest rate
\n13,430
\n981
\nBank loan liabilities with floating interest rate
\n16,699
\n9,970
\nTotal
\n48,580
\n28,363
\n
\nFor undrawn borrowings the Group is charged commitment fee, which is based on the average balance of the undistributed loan
\namount thus having direct impact on the effective interest rate of the Group.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\nInterest rate sensitivity
\nIncreases in interest rates could adversely affect the Group's ability to cover interest costs from current cash-flows. The impact
\nto the Group\u2019s profit would appear on the realisation year of each specific project.
\nIf Euribor had been 50 basis points higher and all other variables were held constant, the Group's cash-flow need to cover interest
\ncosts for the year ended 31 December would increase as follows:
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nIncrease by 50 basis points
\n70
\n34
\n
\n\n
\n\nCredit risk
\nCredit risk is the risk that a counterparty will not meet its obligations towards the Group under a financial instrument or customer
\ncontract, leading to a financial loss. The Group is exposed to credit risk from its operating activities such as trade receivables from
\nrental property and from its financing activities, including deposits with banks and other financial instruments.
\nIn order to minimise credit risk, the Group is only dealing with creditworthy counterparties and deposits cash in banks well-
\nrecognized banks in Estonia and Latvia. If such rating is not available, the Group uses other publicly available financial information
\nand its own trading records to rate its major customers.
\nThe Group is in real estate development business and upon sale of completed property the Group enters into notarized agreement
\nwith the buyer. Since most of the transactions are ensured either with money deposited in the notary's deposit account or a bank
\nloan, the Group is not exposed to material credit risk from trade receivables.
\nAs at 31 December the following financial assets were exposed to credit risk:
\nin thousands of euros
\n2022
\n2021
\nCash and cash equivalents
\n3,754
\n10,889
\nTrade and other receivables
\n728
\n91
\nInterest receivables
\n31
\n173
\nEscrow account
\n405
\n0
\nCurrent loan receivables
\n0
\n2,388
\nNon-current loan receivables
\n1,766
\n3,408
\nTotal
\n6,684
\n16,949
\n
\nAs at 31 December the aging of trade receivables was as follows:
\nin thousands of euros
\n2022
\n2021
\nCurrent
\n666
\n46
\nUp to 2 months past due date
\n22
\n16
\n2-4 months past due date
\n4
\n10
\nMore than 4 months past due date
\n16
\n8
\nTotal
\n708
\n80
\n
\nAs at 31 March 2023, the completion date of current report, trade receivables in the amount of 73 thousand euros (31.03.2022:
\n31 thousand euros) were past the due date as at 31 December 2022.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\nLiquidity risk
\nThe Group\u2019s liquidity represents its ability to settle its liabilities to creditors on time. A careful management of liquidity and
\nrefinancing risks implies maintaining the availability of funding through an adequate amount of committed credit facilities. Due
\nto the nature of the Group\u2019s business activities, the Group actively uses external and internal funds to ensure that timely resources
\nare always available to cover capital needs.
\nThe Group manages liquidity risk by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles
\nof financial assets and liabilities. The Group mitigates refinancing risk by monitoring liquidity positions, analyzing different
\nfinancing options on an ongoing basis and negotiating with financing parties over the course of financing.
\nGroup\u2019s financial liabilities by maturity date:
\nin thousands of euros
\nup to 6 months
\nup to 12 months
\n1-5 years
\nTotal
\n31.12.2022
\n
\n
\n
\n
\nLoan and lease liabilities
\n8,043
\n14,569
\n26,083
\n48,694
\nTrade payable
\n1,906
\n0
\n0
\n1,906
\nOther liabilities
\n1,996
\n105
\n2,290
\n4,391
\n
\nin thousands of euros
\nup to 6 months
\nup to 12 months
\n1-5 years
\nTotal
\n31.12.2021
\n
\n
\n
\n
\nLoan and lease liabilities
\n2,758
\n2,866
\n22,928
\n28,552
\nTrade payable
\n1,506
\n0
\n0
\n1,506
\nOther liabilities
\n3,091
\n942
\n1,053
\n5,086
\n
\n\n
\n\nCapital risk
\nThe core purpose of the Group\u2019s capital risk management is to ensure the most optimal capital structure to support the
\nsustainability of the Group\u2019s business operations and shareholders\u2019 interests. The Group finances its operations with both debt
\nand equity capital.
\nThe Group uses the debt-to-equity ratio to monitor capital structure. The debt-to-equity ratio is calculated as the ratio of net debt
\nto total capital. The Group also monitors the ratio of equity and balance sheet volume.
\nThe management considers the Group\u2019s capital structure optimal.
\nin thousands of euros
\n2022
\n2021
\nInterest-bearing loan liabilities
\n48,628
\n28,379
\nCash and bank accounts
\n3,754
\n10,889
\nNet debt (interest-bearing loan liabilities - cash and bank accounts)
\n44,874
\n17,490
\nTotal equity attributable to owners of the parent
\n19,866
\n18,904
\nTotal of net debt and equity (net debt + total equity attributable to owners of the parent)
\n64,740
\n36,394
\nDebt-equity ratio (net debt / net debt and total equity attributable to owners of the parent)
\n69%
\n48%
\nTotal assets
\n78,368
\n55,345
\nEquity to total assets (equity / total assets)
\n25%
\n34%
\n
\n\n
\n\n
\n\n
\n\nNote 35. Primary financial statements of the parent company
\nPursuant to the Estonian Accounting Act, the information on the unconsolidated main financial statements of the consolidating
\nentity is disclosed in the notes to the consolidated financial statements. The main financial statements of the parent company
\nhave been prepared using the same accounting and valuation principles as used in the preparation of the consolidated financial
\nstatements, except for subsidiaries, which are accounted for in the parent company's separate unconsolidated financial
\nstatements using the acquisition method.
\nStatement of financial position
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\n
\n
\n
\nAssets
\n
\n
\nCurrent assets
\n
\n
\nCash and cash equivalents
\n156
\n3,110
\nTrade and other receivables
\n257
\n82
\nCurrent loan receivables
\n2,900
\n3,079
\nInventories
\n15
\n20
\nTotal current assets
\n3,328
\n6,291
\nNon-current assets
\n
\n
\nProperty, plant and equipment
\n72
\n50
\nInvestments in subsidiaries
\n1,636
\n1,629
\nFinancial investments
\n2
\n2
\nInvestments in associates
\n1,086
\n0
\nNon-current loan receivables
\n12,742
\n8,641
\nOther non-current receivables
\n1,204
\n598
\nTotal non-current assets
\n16,742
\n10,920
\nTotal assets
\n20,070
\n17,211
\nLiabilities and equity
\n
\n
\nCurrent liabilities
\n
\n
\nCurrent lease liabilities
\n9
\n11
\nTrade and other payables
\n86
\n67
\nTotal current liabilities
\n95
\n78
\nNon-current liabilities
\n
\n
\nLoans and borrowings
\n5,494
\n4,026
\nNon-current lease liabilities
\n38
\n5
\nTotal non-current liabilities
\n5,532
\n4,031
\nTotal liabilities
\n5,627
\n4,109
\nEquity
\n
\n
\nShare capital
\n3,855
\n3,855
\nShare premium
\n8,917
\n8,917
\nRetained earnings
\n1,671
\n330
\nTotal equity
\n14,443
\n13,102
\nTotal liabilities and equity
\n20,070
\n17,211
\n
\n\n
\n\n
\n\nStatement of profit and loss and other comprehensive income
\nin thousands of euros
\n2022
\n 2021
\n
\n
\n
\nRevenue
\n35
\n25
\nCost of sales (-)
\n-86
\n-91
\nGross profit
\n-51
\n-66
\nMarketing expenses (-)
\n-24
\n-40
\nAdministrative expenses (-)
\n-553
\n-359
\nOther operating income
\n43
\n31
\nOther operating expenses
\n-2
\n0
\nOperating profit of the year
\n-587
\n-434
\nFinancial income
\n2,556
\n825
\n interest income
\n1,305
\n760
\n profit on the sale of a subsidiary
\n1,086
\n0
\n other financial income
\n165
\n65
\nFinancial expenses (-)
\n-628
\n-405
\n interest expenses (-)
\n-492
\n-315
\n loss from associate (-)
\n0
\n-2
\n other financial expenses (-)
\n-136
\n-88
\nProfit before tax
\n1,341
\n-14
\nDeferred income tax
\n0
\n60
\nNet profit for the year
\n1,341
\n46
\n
\n
\n
\nOther comprehensive income for the period
\n1,341
\n46
\n
\n\n
\n\n
\n\nStatement of changes in equity
\nin thousands of euros
\nShare capital
\nShare premium
\nRetained earnings
\nTotal
\nBalance at 31.12.2020
\n6
\n3,211
\n435
\n3,652
\nOther comprehensive income for
\nthe period
\n0
\n0
\n46
\n46
\nIncrease of share capital
\n2,994
\n-2,994
\n0
\n0
\nIssue of shares
\n855
\n8,700
\n0
\n9,555
\nDividends paid
\n0
\n0
\n-151
\n-151
\nBalance at 31.12.2021
\n3,855
\n8,917
\n330
\n13,102
\nOther comprehensive income for
\nthe period
\n0
\n0
\n1,341
\n1,341
\nBalance at 31.12.2022
\n3,855
\n8,917
\n1,671
\n14,443
\n
\nAdjusted unconsolidated equity
\nin thousands of euros
\n31.12.2021
\n31.12.2020
\nParent company\u2019s unconsolidated equity
\n14,443
\n13,102
\nCarrying amount of investments in subsidiaries and associates in the parent company\u2019s
\nunconsolidated statement of financial position (-)
\n-2,722
\n-1,629
\nValue of investments in subsidiaries and associates under the equity method (+)
\n8,145
\n7,431
\nParent company\u2019s adjusted unconsolidated equity
\n19,866
\n18,904
\n
\nAt the general meeting of shareholders on 9 August 2021, it was decided to transform the private limited company (O\u00dc) into a
\npublic limited company (AS) and to increase the share capital of the company. The shareholders decided to increase the share
\ncapital to 3 million euros at the expense of the share premium.
\nOn November 8, 2021, the general meeting of shareholders decided to list the shares of Hepsor AS on the main list of the Nasdaq
\nTallinn Stock Exchange and to issue up to 854,701 shares at an offer price of 11.70 euros, of which 1 euro was the nominal value
\nand 10.70 was the share premium. The Group's shares were listed on the main list of the Nasdaq Tallinn Stock Exchange on
\nNovember 26, 2021.
\n
\n\n
\n\n
\n\nStatement of cash flows
\nin thousands of euros
\n2022
\n2021
\nNet cash flows from (to) operating activities
\n
\n
\n
\n
\n
\nOperating profit of the year
\n-587
\n-434
\n Adjustments for:
\n
\n
\n Depreciation of property, plant and equipment
\n29
\n30
\n Profit from sale of property, plant and equipment
\n-18
\n0
\n Other adjustments
\n-1
\n-97
\nChanges in working capital:
\n
\n
\n Change in trade receivables
\n-23
\n-13
\n Change in inventories
\n5
\n0
\n Change in liabilities and prepayments
\n-13
\n-194
\nCash flows from (to) operating activities
\n-608
\n-708
\nNet cash flows to investing activities
\n
\n
\nPayments of for acquisition of subsidiaries
\n-7
\n-7
\nPayments of for acquisition of financial investment
\n0
\n-2
\nProceeds from sale of property, plant and equipment
\n25
\n0
\nInterest received
\n404
\n523
\nLoans granted
\n-8,562
\n-9,760
\nLoan repayments received
\n4,672
\n2,765
\nOther proceeds from investing activities
\n40
\n64
\nCash flows to investing activities
\n-3,428
\n-6,417
\nNet cash flows from (to) financing activities
\n
\n
\nNet cash flow from issuing shares
\n0
\n9,555
\nLoans raised
\n1,575
\n4,885
\nLoan repayments
\n0
\n-4,723
\nInterest paid
\n-461
\n-315
\nPayments of finance lease principal
\n-26
\n-15
\nDividends paid
\n0
\n-188
\nOther receipts from financing activities
\n-6
\n0
\nCash flows from financing activities
\n1,082
\n9,199
\n
\n
\n
\nNet cash flow
\n-2,954
\n2,074
\n
\n
\n
\nCash and cash equivalents at beginning of year
\n3,110
\n1,036
\nIncrease / decrease in cash and cash equivalents
\n-2,954
\n2,074
\nCash and cash equivalents at end of year
\n156
\n3,110
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag186": {
"value": "\n
\n
\n
\nNote 1. Accounting policies
\n\n\n1.1. General information
\nHepsor AS (hereinafter referred to as the \u201cGroup\u201d or \u201cHepsor\u201d), a real estate development company based on Estonian capital, operates in
\nEstonia and Latvia.
\n\nThe consolidated financial statements of the Group for 2022 were signed by the member of management Board of Hepsor AS on 28 April 2023.
\n\n\nIn accordance with the requirements of the Commercial Code of the Republic of Estonia, the annual report prepared by the Management Board
\nand approved by the Supervisory Board, which also includes the consolidated financial statements, is approved by the general meeting of
\nshareholders. Shareholders have the right not to approve the annual report prepared by the Management Board and approved by the
\nSupervisory Board and to request that a new report is prepared. The Annual General Meeting of Shareholders, one of the items on the agenda
\nof which is the approval of the consolidated annual report of Hepsor AS for 2022, will be held on 25 May 2023.
\n
\n\n\n
\n1.2. Basis of preparation of consolidated financial statements
\nThe Group\u2019s consolidated annual financial statements have been prepared in conformity of International Financial Reporting Standards as
\nendorsed in the European Union (\u201cIFRS (EU\u201d). The Group has consistently applied the accounting policies throughout all periods presented,
\nunless stated otherwise.
\nThe consolidated annual financial statements for 2022 have been prepared on a going concern basis.
\nThe preparation of consolidated annual financial statements in conformity with IFRS (EU) requires the use of certain critical accounting
\nestimates. It also requires management to exercise its judgment in the process of applying the Group\u2019s accounting policies. Changes in
\nassumptions may have a significant impact on the consolidated financial statements in the period the assumptions changed. The management
\nof the Group believes the underlying assumptions in the preparation of consolidated annual financial statements for 2022 are appropriate.
\nThese consolidated annual financial statements consist of consolidated statements of financial position, consolidated statement of
\ncomprehensive income, statement of changes in equity, consolidated statement of cash flows, and explanatory notes.
\n\nThe consolidated annual financial statements are presented in euros and all values are rounded to the nearest thousand (\u20ac000), except when
\notherwise indicated.
\n
\n\n
\n\n\n1.3. Accounting policies, changes in accounting estimates and errors (IAS 8)
\nWhen an IFRS (EU) specifically applies to a transaction, other event, or condition, the accounting policy or policies applied to that item shall be
\ndetermined by applying the IFRS (EU). In the absence of an IFRS (EU) that specifically applies to a transaction, other event or condition,
\nmanagement shall use its judgement in developing and applying an accounting policy that results in information that is relevant to the economic
\ndecision-making needs of users and reliable.
\nThe Group selects and applies its accounting policies consistently for similar transactions, other events, and conditions, unless an IFRS (EU)
\nspecifically requires or permits categorization of items for which different policies may be appropriate. In an IFRS (EU) requires or permits such
\ncategorization, an appropriate accounting policy shall be selected and applied consistently to each category.
\nThe Group changes an accounting policy only if the change is required by IFRS (EU) or results in the financial statements providing reliable and
\nmore relevant information about the effects of transactions, other events, or conditions on the entity\u2019s consolidated financial position,
\nconsolidated financial performance or consolidated cash flows. When a change in accounting policy is applied retrospectively the Group adjusts
\nthe opening balance of each affected component of equity for the earliest prior period presented and the other comparative amounts disclosed
\nfor each prior period presented as if the new accounting policy had always been applied.
\nThe effect of a change in an accounting estimate shall be recognized prospectively by including it in profit or loss in the period of the change, if
\nthe change affect that period only or the period of the change and future periods, if the change affects both.
\n
\n\n
\n\n
\n\nThe Group corrects material prior period errors retrospectively in the first set of consolidated financial statements authorized for issue at their
\ndiscovery by restating the comparative amounts for the prior period(s) presented in which the error occurred; or if the error occurred before
\nthe earliest prior period presented, restating the consolidated opening balances of assets, liabilities and equity for the earliest prior period
\npresented.
\nThe Group corrects the comparative data of the number of shares for 2021 in note 26 \"Profit per share\" of the 2022 annual report. More
\ninformation in Note 26.
\nin thousands of pieces
\nInitial 2021
\nChange
\nAdjusted 2021
\nWeighted average number of ordinary shares
\n3,855
\n-731
\n3,124
\n
\nThe Group amends the reference of \u201eThe accounting policies applied in the preparation of these financial statements are the same as those
\nused by the Group as of 31 December in the consolidated financial statements for the year ended 31 December 2020, except as described
\nbelow.\u201c as stated in note 1.5 \u201e Accounting policies, changes in accounting estimates and errors\u201c in the Annual Report for 2021:. The correct
\nreference would have been to the special purpose financial statements not the consolidated annual report. For periods up to and including the
\nyear ended 31 December 2020, the Group prepared its statutory financial statements in accordance with Estonian Financial Reporting Standards
\n(EFS). The Group prepared financial statements in accordance with IFRS 1 for the first time for consolidated special purpose financial report for
\nthe periods from 1 January 2018-31 December 2018, 1 January 2019-31 December 2019 and 1 January 2020-31 December2020.The special
\npurpose financial report is available at Hepsor\u2019s website https://hepsor.ee/wp-content/uploads/2021/11/Hepsor-IFRS-2018-2020-audited.pdf
\nand the Website of Finantsinspektsioon https://www.fi.ee/sites/default/files/2021-11/hepsor_ifrs_2018-2020_audited.pdf. When
\npreparing the Group\u2019s consolidated special purpose financial statements, the opening statement of the Group's financial position was prepared
\nas of 1 January 2018, which is also considered the date of the Group's transition to IFRS (EU).
\nThe Group has adjusted the consolidated cash flow statement for 2021 in the annual report for 2022as follows:
\nIn thousands of euros
\nInitial 2021
\nChange
\nAdjusted 2021
\nChanges in inventories
\n-12,816
\n-229
\n-13,045
\nCash flows from operating activities
\n-9,206
\n-229
\n-9,435
\nLoans raised
\n22,682
\n-369
\n22,313
\nLoan repayments
\n-10,479
\n88
\n-10,391
\nInterest paid
\n-1,361
\n510
\n-851
\nCash flows from financing activities
\n20,199
\n229
\n20,428
\n
\n1.4. Impact of new and revised standards and interpretations
\nThe accounting principles applied in the preparation of this report are the same as those used in the Group's consolidated report for the financial
\nyear ended on 31 December 2021, except for the cases described below.
\nRevised standards effective on or after 1 January 2023
\nCertain new or revised standards and interpretations have been issued that are mandatory for the Group\u2019s annual reporting periods beginning
\non or after 1 January 2023 and that have not been adopted by the Group ahead of effective date.
\nAmendments to IAS 1 \u201ePresentation of Financial Statements\u201c and IFRS Practise Statement 2 \u201eMaking Materiality Judgments\u201c- amendments aim
\nto help entities provide accounting policy disclosures that are more useful by:
\n- requiring companies to disclose their material accounting policies rather than their significant accounting policies;
\n- clarifying that accounting policies related to immaterial transactions, other events or conditions are themselves immaterial and
\nas such need not be disclosed; and
\n- clarifying that not all accounting policies that relate to material transactions, other events or conditions are themselves
\nmaterial to a company\u2019s financial statements.
\n
\n\n
\n\n
\n\nThe Board of IFRS also amended IFRS Practice Statement 2 to include guidance and two additional examples on the application of materiality to
\naccounting policy disclosures.
\nThe amendments are consistent with the refined definition of material: \u201cAccounting policy information is material if, when considered together
\nwith other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users
\nof general purpose financial statements make on the basis of those financial statements\u201d.
\nEffective for annual reporting periods beginning on or after 1 January 2023. The EU has approved the changes.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nAmendments to IAS 1 \u201ePresentation of Financial Statements\u201c (classification of liabilities as current and non-current) \u2013 amendments are aimed
\nto promote consistency in applying the requirements by helping the companies determine whether liabilities and other liabilities with uncertain
\nsettlement dates should be classified as current (to be settled within 12 months) or non-current. The amendments clarify what is meant by the
\nright to defer settlement; that a right to deferral must exist at the end of the reporting period; that classification is unaffected by the likelihood
\nthat an entity will exercise its deferral right and that only if the embedded derivative in a convertible liability is itself an equity instrument would
\nthe terms of a liability not impact its classification.
\nEffective for annual reporting periods beginning on or after 1 January 2023. The EU has approved the changes.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nAmendments to IAS 8 \u201eAccounting Policies, Changes in accounting Estimates and Errors\u201c \u2013 amendments introduce a new definition for
\naccounting estimates. According to the new definition, accounting estimates are \"monetary amounts in financial statements that are subject to
\nmeasurement uncertainty\". Entities should develop accounting estimates when the accounting policies require the measurement of items in
\nthe financial statements that are subject to measurement uncertainty. The amendments clarify that a change in an accounting estimate resulting
\nfrom new information or new developments is not a correction of an error. Effective for annual reporting periods beginning on or after 1 January
\n2023. The EU has approved the changes.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nAmendments to IAS 12 \u201eIncome Taxes\u201c - The amendments clarify the accounting for deferred tax on transactions that involve recognising both
\nan asset and a liability with a single tax treatment related to both. The amendments narrow the scope of the initial recognition exemption (IRE)
\nso that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognise
\na deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning
\nprovision. Effective for annual reporting periods beginning on or after 1 January 2023. The EU has approved the changes.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nAmendments to IFRS 16 \u201eLeases\u201c \u2013 amendments impact how a seller-lessee accounts for variable lease payments that arise in a sale-and-
\nleaseback transaction. The amendments introduce a new accounting model for variable payments. The amendments confirm the following:
\n- On initial recognition, the seller-lessee includes variable lease payments when it measures a lease liability arising from a sale-
\nand-leaseback transaction.
\n- After initial recognition, the seller-lessee applies the general requirements for subsequent accounting of the lease liability such
\nthat it recognises no gain or loss relating to the right of use it retains.
\n
\nA seller-lessee may adopt different approaches that satisfy the new requirements on subsequent measurement. Effective for annual reporting
\nperiods beginning on or after 1 January 2024. Not yet endorsed for use in the EU.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nChanges in standards
\nAnnual Improvements to IFRS Standards 2018\u20132020 (the Group will apply the amendment for annual periods beginning on or after 1 January
\n2022). Not yet endorsed for use in the EU.
\n
\n\n
\n\n
\n
\n
\n\nIFRS 9 - Amendments clarify which fees to consider when assessing whether or not the terms of a converted debt Instrument have changed -
\nonly fees paid or received between the borrower and the lender (including payments made or received by the borrower or lender on behalf of
\nanother party).
\nIFRS 16 - Amendment removes illustrative example 13 due to confusion it creates both for the lessee and the lessor regarding the recognition
\nof improvements to leased assets.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nOther new standards, amendments to standards and interpretations that are not yet effective are not expected to have a significant impact on
\nthe Group\u2019s financial statements.
\n
\n\n\n
\n\n1.5. Consolidation (IFRS 10)
\nThe Group\u2019s financial statements consolidate those of the parent entity and all its subsidiaries as of 31 December. All subsidiaries have a
\nreporting date of 31 December. Consolidation of a subsidiary begins when the parent entity obtains control over the subsidiary and ceases when
\nthe parent entity loses control over the subsidiary.
\nThe Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and could
\naffect those returns through its power over the entity. Subsidiaries where the Group holds 50% ownership interest are consolidated based on,
\nthe assessment of the Management of the Group that the Group effectively controls the subsidiary by virtue of managing the real estate
\ndevelopment projects and/or through a shareholder agreement.
\nAll transactions and balances between Group entities are eliminated on consolidation, including unrealized gains and losses on transactions
\nbetween Group entities. Amounts reported in the statutory financial statements of subsidiaries have been adjusted, where necessary, to ensure
\nconsistency with the accounting policies adopted by the Group.
\nThe Group prepares consolidated financial statements using uniform accounting policies for like transactions and other events in similar
\ncircumstances.
\nThe Group presents non-controlling interests in the consolidated statement of financial position within equity, separately from the equity of the
\nowners of the Group.
\nProfit or loss and other comprehensive income of subsidiaries acquired or disposed of during the reporting period is recognized from the
\neffective date of acquisition, or up to the effective date of disposal, as applicable.
\n
\n\n
\n\n\n
\n\n1.6. Business combinations (IFRS 3, IAS 36)
\nThe Group uses the acquisition method of accounting to account for business combinations where the Group has obtained control over a
\nsubsidiary or merged the net assets of one or more businesses into the Group. Cost of acquisition is calculated as the sum of the acquisition
\ndate fair values of assets transferred. Acquisition-related costs that Group incurs in a business combination are expensed as incurred.
\nAs of the acquisition date, the Group recognizes the identifiable assets acquired, and the liabilities assumed at their fair values.
\nThe Group applies adjusted purchase method when acquiring business combinations under common control by recognizing the assets and
\nliabilities of the acquiree or business on the acquirer's statement of financial position at the carrying amount. The difference between the cost
\nof acquisition and the carrying amount of the acquired net assets shall be recognized as an increase or decrease of the equity of the acquirer.
\nIf the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group
\nreports in its financial statements\u2019 provisional amounts for the items for which the accounting is incomplete. The measurement period is the
\nperiod after the acquisition date during which the acquirer may adjust the provisional amounts recognized for a business combination. During
\nthe measurement period, the acquirer shall recognize adjustments to the provisional amounts as if the accounting for the business combination
\nhad been completed at the acquisition date. Thus, the acquirer shall revise comparative information for prior periods presented in financial
\nstatements as needed, including making any change in depreciation, amortization or other income effects recognized in completing the initial
\naccounting. After the measurement period ends, the acquirer shall revise the accounting for a business combination only to correct an error.
\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n\n1.7. Investments in associates (IAS 28)
\nAn associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and
\noperating policy decisions of the investee but is not control or joint control over those policies.
\nInvestments in associates are accounted for using the equity method. The initial recognition of the investment in associate is recognized at cost.
\nThe carrying amount of the investment in associates are increased or decreased to recognize the Group\u2019s share of the profit or loss and other
\ncomprehensive income of associates, adjusted where necessary to ensure consistency with the accounting policies of the Group.
\nThe Group discontinues the use of the equity method from the date when the investment ceases to be an associate, or when the investment is
\nclassified as held for sale.
\n
\n\n
\n\n\n
\n1.8. Property, plant and equipment (IAS 16)
\nProperty, plant, and equipment are assets used for production, provision of services or administrative purposes over a period of more than one
\nyear.
\nItems of property, plant and equipment are recognized at an acquisition cost less any accumulated depreciation and impairment losses, if any.
\nAcquisition cost consists of the purchase price and other costs directly attributable to the acquisition that are necessary for bringing the asset
\nto its working condition and location. When an item of property, plant and equipment consists of separately identifiable components that have
\ndifferent useful lives, these components are accounted as separate assets and separate depreciation rates are assigned to them according to
\nthe useful lives of the components. Items of property, plant and equipment leased under the lease terms are accounted for similarly to
\npurchased property, plant and equipment.
\n\nDepreciation is recognized as an expense on a straight-line basis over the estimated useful life of an item of property, plant and equipment and
\nits identifiable components.
\nThe following estimated useful lives are applied:
\n- Buildings and structures 2\u201333 years
\n- Plant and equipment 5\u201310 years
\n- Other equipment and fixtures 3-5 years
\n- Vehicles 5-7 years
\n
\nLand and construction in progress are not depreciated.
\n
\nThe Group use uniform depreciation rates in all Group companies. The estimated useful lives, residual values and depreciation methods are
\nreviewed annually. The effect of the changes is reflected in the reporting period and in subsequent periods.
\n
\n\nItems of property, plant and equipment are derecognized on disposal or when no future economic benefits are expected from the continued
\nuse or disposal of the asset. Gains or losses arising from derecognition of items of property, plant and equipment are included either within
\nother operating income or other operating expenses in the income statement.
\n
\n\n\n
\n\n
\n1.9. Intangible assets (IAS 38, IAS 36)
\nIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination
\nis their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization
\nand accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite.
\n\nDepreciation is recognized as an expense on a straight-line basis over the estimated useful life of an item of property, plant and equipment
\nand its identifiable components.
\n
\nThe following estimated useful lives are applied:
\n
\n- Licenses and software 2-5 years
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n\n
\n
\n\nAn intangible asset is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are
\nexpected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal
\nproceeds and the carrying amount of the asset) is included in the statement of comprehensive income for the period.
\n
\n\n\nGoodwill
\nGoodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-
\ncontrolling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net
\nassets acquired is more than the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all the assets
\nacquired and all the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If
\nthe reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is
\nrecognized in statement of comprehensive income for the period.
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment losses. For impairment testing, goodwill acquired in a
\nbusiness combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the
\ncombination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
\nIf the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying
\namount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the
\nunit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in
\nsubsequent periods.
\nWhere goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated
\nwith the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed
\nin these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.
\n
\n\n
\n\n\n1.10. Cash and cash equivalents, cash flows (IAS 7)
\nCash and cash equivalents are cash at bank and on hand, short-term extremely high liquidity investments (up to three months) that are readily
\nconvertible into a known amount of cash and which are subject to an insignificant risk of changes in value.
\n
\n\n\nRestricted cash and cash equivalent balances are those which meet the definition of cash and cash equivalents but are not available for use by
\nthe group. The Group has a requirement, as part of its business operations, to set aside cash by way of deposit into an escrow account. Such
\nescrow accounts are classified in cash flow statement as change in receivables from operating activities.
\n
\n\n\nThe statement of cash flows reports cash flows during the period classified by operating, investing and financing activities. The Group reports
\ncash flows from operating activities using the indirect method whereby operating profit or loss is adjusted for the effects of transactions of a
\nnon-cash nature, any deferrals or accruals of past or future operating cash receipts or payments, and items of income or expense associated
\nwith investing or financing cash flows.
\n
\n\n\n
\n1.11. Inventories (IAS 2, IAS 23)
\nIn inventories, development projects are recorded under development projects ready for sale from the moment the project has been granted
\na use permit, otherwise development projects under development are recorded under development projects in progress.
\nInventories are stated at the lower of cost and net realizable value. Cost comprises direct materials and, where applicable, direct labor costs
\nand those overheads that have been incurred in bringing the inventories to their present location and condition. If inventory items are not
\nclearly distinguishable from each other, then the weighted average cost method is used. Net realizable value represents the estimated selling
\nprice less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
\n\nBorrowing costs related to real estate development projects are included in the cost of inventories. The Group capitalizes borrowing costs that
\nare directly attributable to the real estate development projects and ceases to capitalize when real estate development project is ready for sale
\nbut not later than the real estate development project has been granted a permit for use. Interest expenses that are related to real estate
\nmaintenance or usage are not capitalized but expensed in the period when they occur. All other borrowing costs are expensed in the period in
\nwhich they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
\n
\n\n
\n\n
\n\n
\n
\n\nCompleted real estate inventories are sold either in units or as a whole. Revenue from the sale is recognized as income from sale of real estate.
\nAll the Group's development projects are recorded as inventories, even if the Group earns rental income before the full or partial sale of the
\ndevelopment project. The Group aims to develop the acquired properties and sell the developed projects.
\n
\n\n\n
\n
\n
\n1.12. Financial instruments (IFRS 9, IAS 32)
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another
\nentity.
\nFinancial assets and financial liabilities are recognized in the Group\u2019s statement of financial position when the Group becomes a party to the
\ncontractual provisions of the instrument.
\nFinancial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing
\ncomponent which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets
\nand financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the
\nfair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the
\nacquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.
\nAn entity typically incurs various costs in issuing or acquiring its own equity instruments. Those costs might include registration and other
\nregulatory fees, amounts paid to legal, accounting and other professional advisers, printing costs and stamp duties. The transaction costs of an
\nequity transaction are accounted for as a deduction from equity to the extent that they are incremental costs directly attributable to the equity
\ntransaction that otherwise would have been avoided. The Group raised 10 million euros in 2021 by listing its shares in Nasdaq Tallinn stock
\nexchange. The transaction costs of share issue are accounted for as a deduction from equity.
\n\n
\nFinancial assets
\nAt initial recognition, the Group measures a financial asset at its fair value plus or minus, in the case of a financial asset not at fair value through
\nprofit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset. After initial recognition, the Group
\nmeasures a financial asset in amortized cost, fair value through other comprehensive income, or fair value through profit or loss.
\nPurchase and sale of financial asset is recognized using settlement date accounting. Settlement date is the date that an asset is delivered to or
\nby the Group.
\n\nFinancial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the
\nGroup has transferred substantially all the risks and rewards of ownership. On derecognition the Group recognizes the difference between the
\ncarrying amount and consideration received as profit or loss. Transaction costs of financial assets carried at fair value plus or minus are expensed
\nin profit or loss. Subsequent measurement of debt instruments depends on the group\u2019s business model for managing the asset and the cash
\nflow characteristics of the asset.
\n
\n\nGroup measures its debt instruments at amortized cost. The amortized cost of a financial asset is the amount at which the financial asset is
\nmeasured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any
\ndifference between that initial amount and the maturity amount, adjusted for any loss allowance.
\nThe Group recognizes loss allowance for expected credit losses on loan instruments, lease receivables, trade receivables, contract assets and
\nfinancial guarantee contracts. Expected credit loss is based on the difference between all contractual cash flows that are due in accordance with
\nthe contract and all the cash flows that the Group expects to receive, discounted at the at an approximation of original effective interest rate.
\nThe amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective
\nfinancial instrument.
\nThe Group always recognizes lifetime expected credit losses for trade receivables, contract assets and lease receivables. The expected credit
\nlosses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors
\nthat are specific to the debtors, general economic conditions, and an assessment of both the current as well as the forecast direction of
\nconditions at the reporting date, including time value of money where appropriate.
\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n
\n
\n
\n
\n
\n
\n\n
\nFor all other financial instruments, the Group recognizes lifetime expected credit losses when there has been a significant increase in credit risk
\nsince initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group
\nmeasures the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses. Lifetime expected credit
\nlosses represent the expected credit losses that will result from all possible default events over the expected life of a financial instrument. At
\nthe same time, 12-month expected credit losses represent the portion of lifetime expected credit losses that is expected to result from default
\nevents on a financial instrument that are possible within 12 months after the reporting date.
\n
\n\n\n\nInterest income is recognized using the effective interest method for receivables measured subsequently at amortized cost. For financial assets
\nthat have subsequently become credit-impaired, interest income is recognized by applying the effective interest rate to the amortized cost of
\nthe financial asset. If, in subsequent reporting periods, the credit risk on the credit-impaired financial instrument improves so that the financial
\nasset is no longer credit impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the
\nfinancial asset.
\n\n\n
\n\n
\n\n\n
\n
\nFinancial liabilities
\n\n
\n\nAll financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
\ntransaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans, and borrowings. Interest bearing loans and borrowings are recognized
\nat amortized cost using the effective interest method.
\n
\n\n
\n\nThe effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the
\nrelevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including transaction costs and
\nother premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost
\nof a financial liability.
\n\nThe Group derecognizes financial liabilities when, and only when, the Group's obligations are discharged, cancelled or have expired. The
\ndifference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or
\nloss.
\n
\n\n
\n\n\n
\n\nEmbedded derivatives
\nWhen the Group enters SPV agreement with a business partner, it assesses the financial assets and liabilities assumed for appropriate
\nclassification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions as at the acquisition
\ndate. This includes the separation of embedded derivatives in host contracts. A derivative embedded in a hybrid contract, with a financial liability
\nor non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not
\nclosely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative;
\nand the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in
\nfair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies
\nthe cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through comprehensive income.
\n
\n\n
\n\n
\n\n\n1.13. Provisions and contingent liabilities (IAS 37)
\nProvisions are recognized when the Group has a present obligation (legal or constructive) because of a past event it is probable that the Group
\nwill be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
\nThe amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the
\nreporting period, considering the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows
\nestimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of
\nmoney is material).
\nWhen some or all the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized
\nas an asset if it is virtually certain that reimbursement will be received.
\n
\n\n
\n\n
\n
\n
\n\nContingent liabilities
\nContingent liabilities are those liabilities the realization of which is less probable than non-realization or the amount of which cannot be
\nmeasured sufficiently reliably. The Group does not recognize contingent liabilities but discloses brief description of the nature of the contingent
\nliability and, where practicable an estimate of its financial effect; an indication of the uncertainties relating to the amount or timing of any
\noutflow; and the possibility of any reimbursement unless the possibility of any outflow in settlement is remote.
\n
\n\n\n1.14. Government grants (IAS 20)
\nGrants related to assets are government grants whose primary condition is that an entity qualifying for them should purchase, construct or
\notherwise acquire long-term assets. Grants related to income are government grants other than those related to assets. Grants related to
\noperating expenses are government grants that are not government grants related to assets.
\nGovernment grants shall be recognized in profit or loss on a systematic basis over the periods in which the entity recognizes as expenses the
\nrelated costs for which the grants are intended to compensate. A government grant that becomes receivable as compensation for expenses or
\nlosses already incurred shall be recognized in profit or loss of the period in which it becomes receivable.
\n
\n\n\n1.15. Leases (IFRS 16)
\nThe Group assesses at contract inception whether a contract is, or contains, a lease. Lease is a contract that conveys the right to control the use
\nof an identified asset for a period in exchange for consideration.
\nGroup as a lessee
\nThe Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee,
\nexcept for leases which are both short-term and of low value.
\nThe right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of
\nlease liabilities. The cost of right-to-use assets includes the amount of the initial measurement of the lease liability, any lease payments made
\nat or before the commencement date (less any lease incentives received), any initial direct costs incurred by the Group; and an estimate of costs
\nto be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying
\nasset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.
\nAt the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made
\nover the lease term. Lease payments are discounted using the interest rate implicit in the lease or, alternatively, the lessee\u2019s incremental
\nborrowing rate. The incremental borrowing rate is the interest rate that the group would have to pay to borrow the funds necessary to obtain
\na similar asset.
\nThe lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments
\nthat depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the
\nexercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the
\nlease term reflects the Group exercising the option to terminate.
\nIf the lease transfers ownership of the underlying asset to the Group by the end of the lease term or if the cost of the right-of-use asset reflects
\nthat the Group will exercise a purchase option, the Group shall depreciate the right-of-use asset from the commencement date to the end of
\nthe useful life of the underlying asset. Otherwise, the Group depreciates the right-of-use asset from the commencement date to the earlier of
\nthe end of the useful life of the right-of-use asset or the end of the lease term.
\nThe lease liability is measured as follows:
\n- increasing the carrying amount to reflect interest on the lease liability;
\n- reducing the carrying amount to reflect the lease payments made; and
\n- remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect revised in-substance fixed lease
\npayments.
\n
\n\n
\n\n
\n
\n
\n\nGroup as a lessor
\nLeases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the
\nrisks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.
\nRental income from operating leases is recognized on a straight-line basis over the lease term. Gains from the expected disposal of assets shall
\nnot be taken into account in measuring a provision. Initial direct costs incurred in negotiating and arranging an operating lease are added to the
\ncarrying amount of the leased asset and recognized on a straight-line basis over the lease term on the same basis as lease income.
\nThe Group enters into short-term lease agreements as a lessor with respect to some of its real estate development properties in Latvia until the
\nproperty is sold. Such real estate property is continuously recognized as inventories because being held for sale in the ordinary course of
\nbusiness.
\n
\n\n\n1.16. Revenue (IFRS 15)
\nThe Group recognizes revenue from the following major source:
\n
\n- revenue from sale of real estate;
\n- revenue from project management services;
\n- rental income;
\n- revenue from other services.
\n
\nThe Group recognizes revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration
\nto which the entity expects to be entitled in exchange for those goods or services. The Group recognizes revenue when it transfers control of a
\nproduct or service to a customer.
\nRevenues from sale of real estate
\nRevenue from the sale of goods purchased and finished goods, including real estate developed by the Group, is recognized when control of the
\ngoods has been substantially transferred to the buyer, it is probable that economic benefits associated with the transaction will flow to the
\ngroup, the costs incurred or to be incurred in respect of the transaction including potential returns can be measured reliably, the group retains
\nno continuing involvement with the goods, and the amount of the revenue can be measured reliably. The sale is considered completed upon
\nsigning the real right contract with the buyer.
\nThe Group recognizes revenue in the amount of the transaction price. The transaction price is the amount of consideration to which the Group
\nexpects to be entitled in exchange for transferring promised goods or services to a customer.
\nRevenue from project management services
\nProject management income includes revenues from project management services the Group provides to external partners and associated
\ncompanies. Project management income is recognized in the accounting period when the service is rendered.
\nRental income
\nRental income includes revenues from renting Group\u2019s residential and commercial property. Rental income from operating leases is recognized
\non a straight-line basis over the lease term.
\nRevenue from other services
\nRevenue from other services includes revenues from services provided by the Group other than project management or rental income and
\nincome from sale of good other than development projects.
\n
\n\n\n1.17. Operating segments (IFRS 15, IFRS 8)
\nA segment is a distinguishable component of the Group, which generates revenues and incurs expenditures. The segment reporting is presented
\nin respect of operating and geographical segments.
\nThe Group reports separately information about the following operating segments:
\n
\n- residential real estate;
\n
\n\n
\n\n
\n
\n
\n\n- commercial real estate;
\n- headquarters
\n
\nGeographical segments refer to the location of the real estate. The Group operates in Estonia and Latvia.
\nThe operating results are regularly reviewed by the Group\u2019s Management Board to monitor the performance of the various segments in terms
\nof sales revenue and operating profit (loss). Segment profit represents the segment\u2019s external sales and operating profit (loss).
\n
\n\n\n
\n1.18. Income tax (IAS 12)
\nCorporate income tax in Estonia
\nAccording to the Income Tax Act entered into force in Estonia at 1 January 2000, it is not the company's profits that are taxed but net dividends
\npaid. Income tax is paid on dividends, fringe benefits, gifts, donations, costs of reception of guests, non-business payments and transfer price
\nadjustments. The effective income tax rate is 20/80 on net dividends paid out. Starting from 2019, it is possible to apply a more favourable tax
\nrate on dividend payments (14/86). The more favourable tax rate can be applied to a dividend distribution that amounts to up to three preceding
\nyears\u2019 average dividend distribution that has been taxed at 20/80 rate.
\nCorporate income tax in Latvia
\nFrom 1 January 2018, profits earned after 2017 will be taxed at a rate of 20/80. The transitional rules of the Income Tax Act allow for a reduction
\nin the profit payable on dividends if the company has unused tax losses or certain provisions as of 31 December 2017. As a result of the
\nimplementation of the Income Tax Act effective from 2018, there are no longer differences between the tax accounting and carrying amounts
\nof assets and liabilities in Latvia, and therefore deferred income tax assets and liabilities to Latvian subsidiaries are not recognized.
\n\nDeferred income tax liability
\nDeferred income tax liability is recognized in respect to investments in subsidiaries, except for if the Group can control the timing of the reversal
\nof the taxable temporary differences and it is probable that the reversal will not occur in the foreseeable future. As the parent controls the
\npayment of dividends, the sale or liquidation of an investment, and other transactions in subsidiaries it can control the timing of the reversal of
\ntaxable temporary differences associated with these investments. Therefore, when the parent has determined that those profits will not be
\ndistributed in the foreseeable future the parent does not recognize a deferred tax liability. If the parent company assesses that the dividend will
\nbe paid in the foreseeable future, the deferred income tax liability is measured to the extent of the planned dividend payment provided that as
\nat the reporting date, there are sufficient funds to pay the dividend and owner\u2019s equity on account of which to distribute profit in foreseeable
\nfuture.
\n
\n\n
\n\n\n1.19. Fair value measurement (IFRS 13)
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
\nat the measurement date under current market conditions. The Group measures its financial instruments at fair value at each statement of
\nfinancial position date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the
\nprincipal market for the asset or liability or in the absence of a principal market, in the most advantageous market for the asset or liability.
\nThe fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability,
\nassuming that market participants act in their economic best interest.
\nIn estimating the fair value of an asset or a liability, the Group uses market-observable data to the extent it is available.
\nCash and cash equivalents include deposits in local commercial banks. Cash equivalents are short-term, highly liquid investments that are readily
\nconvertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Due to their short-term nature, the
\ncarrying amounts approximate the fair value of cash and cash equivalents.
\nExpected credit loss rate for current loan receivables, non-current loans and other non-current receivables is 0%, historical average of trade
\nreceivables as at 31 December 2022: 3.0% (31 December 2021: 2.6%). The impact on recoverability of receivables in short perspective and in
\nconsideration of expected lifetime losses is estimated as insignificant at each statement of financial position date.
\n
\n\n
\n\n
\n\nInventories are stated at the lower of cost and net realizable value in the statement of financial position. Fair value is evaluated based on net
\nrealization value with 15% discount to cover any risks and setback before the development is completed and properties sold (hair-cut). The
\napplied percentage is based on the management\u2019s estimate made based on their professional expertise in the field of operations.
\nProperty, plant and equipment fair value is assumed to be equal to carrying value as its estimated useful lives, residual values and depreciation
\nmethods are reviewed annually.
\nAccording to the estimation of the Group, the carrying values of financial liabilities in the consolidated statement of financial position as at 31
\nDecember 2022 does not vary significantly from the fair value since they are measured at net cash flows discounted at the effective interest
\nrate that considers all additional direct costs of lending, as well as timing of settling of such financial obligations.
\nPart of the Group\u2019s long-term borrowings have a floating interest rate (includes 6 months Euribor). Based on the estimation of the management,
\nthe Group\u2019s financial outlook and market risks have not materially changed since the loans were obtained and the interest rates on the Group\u2019s
\ndebt are on the market conditions.
\nAll assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy,
\ndescribed as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
\nLevel (L) 1 - quoted (unadjusted) market prices in active markets for identical assets and liabilities.
\nLevel (L) 2 - fair value is estimated using market information and valuation is based on observable inputs.
\nLevel (L) 3 - fair value is estimated using the discounted cash flow valuation technique and the valuation is based on non-observable inputs.
\nIn thousands of euros
\n31.12.2022
\n31.12.2021
\n
\nCarrying value
\nFair value
\nL
\nCarrying value
\nFair value
\nL
\nAssets
\n
\n
\n
\n
\n
\n
\nCurrent assets
\n
\n
\n
\n
\n
\n
\nCash and cash equivalents
\n3,754
\n3,754
\n1
\n10,889
\n10,889
\n1
\nTrade and other receivables
\n1,731
\n1,731
\n3
\n652
\n652
\n3
\nCurrent loan receivables
\n0
\n0
\n3
\n2,388
\n2,388
\n3
\nInventories
\n69,760
\n74,053
\n3
\n37,237
\n38,789
\n3
\nTotal current assets
\n75,245
\n79,538
\n
\n51,166
\n52,718
\n
\nNon-current assets
\n
\n
\n
\n
\n
\n
\nProperty, plant and equipment
\n232
\n232
\n3
\n229
\n229
\n3
\nIntangible assets
\n7
\n7
\n3
\n0
\n0
\n3
\nFinancial investments
\n2
\n402
\n3
\n402
\n402
\n3
\nInvestments in associated
\ncompanies
\n1,086
\n1,086
\n3
\n0
\n0
\n3
\nNon-current loans
\n1,766
\n1,766
\n3
\n3,408
\n3,408
\n3
\nOther non-current receivables
\n30
\n30
\n3
\n140
\n140
\n3
\nTotal non-current assets
\n3,123
\n3,123
\n
\n4,179
\n4,179
\n
\nTotal assets
\n78,368
\n82,661
\n
\n55,345
\n56,897
\n
\nLiabilities and equity
\n
\n
\n
\n
\n
\n
\nCurrent liabilities
\n
\n
\n
\n
\n
\n
\nLoans and borrowings
\n22,565
\n22,565
\n3
\n5,501
\n5,501
\n3
\nCurrent lease liabilities
\n46
\n46
\n3
\n123
\n123
\n3
\nPrepayments from customers
\n3,054
\n3,054
\n3
\n1,164
\n1,164
\n3
\nTrade and other payables
\n4,007
\n4,007
\n3
\n5,539
\n5,539
\n3
\nTotal current liabilities
\n29,672
\n29,672
\n
\n12,327
\n12,327
\n
\nNon-current liabilities
\n
\n
\n
\n
\n
\n
\nLoans and borrowings
\n26,015
\n26,015
\n3
\n22,862
\n22,862
\n3
\nNon-current lease liabilities
\n68
\n68
\n3
\n66
\n66
\n3
\nOther non-current liabilities
\n2,290
\n2,290
\n3
\n1,053
\n1,053
\n3
\nTotal non-current liabilities
\n28,373
\n28,373
\n
\n23,981
\n23,981
\n
\nTotal liabilities
\n58,045
\n58,045
\n
\n36,308
\n36,308
\n
\n\n
\n\n
\n
\n
\n
\n\n1.20. Employee benefits (IAS 19)
\nThe Group operates only short-term employee benefits (expected to be settled wholly before twelve months after the end of the reporting
\nperiod in which the employees render services) such as salaries, and social security contribution; paid annual leave and sick leave; and bonuses.
\nThere are no special benefits, share-based payments or share options granted for the Group employees during the reporting periods or
\nsubsequent to the last statement of financial position date 31 December 2022.
\n
\n\n\n1.21. Related parties (IAS 24)
\nA related party is a person or entity that is related to the entity that is preparing its financial statements. A related party transaction is a transfer
\nof resources, services, or obligations between a reporting entity and a related party, regardless of whether a price is charged. Such transactions
\ncould have an effect on the profit or loss and financial position of the Group. For this reason, knowledge of the Group\u2019s transactions, outstanding
\nbalances, including commitments, and relationships with related parties may affect assessments of its operations by users of financial
\nstatements, including assessments of the risks and opportunities facing the Group.
\nRelationships between a parent and its subsidiaries are disclosed irrespective of whether there have been transactions between them. The
\nGroup discloses the related party relationship when control exists, irrespective of whether there have been transactions between the related
\nparties.
\nThe Group considers key members of the management (supervisory and management board), their close relatives and entities under their
\ncontrol or significant influence as well as associated companies as related parties.
\n
\n\n\n1.22. Earnings per share (IAS 33)
\nBasic earnings per share is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted
\naverage number of shares outstanding during the year. Diluted earnings per share is calculated by dividing the profit attributable to equity
\nholders of the parent (after adjusting for interest on the convertible preference shares) by the weighted average number of shares outstanding
\nduring the year plus the weighted average number of shares that would be issued on conversion of all the dilutive potential shares into shares.
\n
\n\n\n1.23. Events after the reporting period (IAS 10)
\nEvents after the reporting period are those events, favourable and unfavourable, that occur between the end of the reporting period and the
\ndate when the financial statements are authorized for issue. Events after the reporting period are those that provide evidence of conditions
\nthat existed at the end of the reporting period (adjusting events after the reporting period) and those that are indicative of conditions that arose
\nafter the reporting period (non-adjusting events after the reporting period).
\n
\n\n
\n",
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"Tag181": {
"value": "\n\n1.1. General information
\nHepsor AS (hereinafter referred to as the \u201cGroup\u201d or \u201cHepsor\u201d), a real estate development company based on Estonian capital, operates in
\nEstonia and Latvia.
\n\nThe consolidated financial statements of the Group for 2022 were signed by the member of management Board of Hepsor AS on 28 April 2023.
\n\n\nIn accordance with the requirements of the Commercial Code of the Republic of Estonia, the annual report prepared by the Management Board
\nand approved by the Supervisory Board, which also includes the consolidated financial statements, is approved by the general meeting of
\nshareholders. Shareholders have the right not to approve the annual report prepared by the Management Board and approved by the
\nSupervisory Board and to request that a new report is prepared. The Annual General Meeting of Shareholders, one of the items on the agenda
\nof which is the approval of the consolidated annual report of Hepsor AS for 2022, will be held on 25 May 2023.
\n
\n",
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"Tag174": {
"value": "a real estate development company",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag175": {
"value": "Estonia",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag178": {
"value": "\nThe consolidated financial statements of the Group for 2022 were signed by the member of management Board of Hepsor AS on 28 April 2023.
\n\n",
"dimensions": {
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"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag173": {
"value": "Hepsor AS",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag177": {
"value": "\n
\n1.2. Basis of preparation of consolidated financial statements
\nThe Group\u2019s consolidated annual financial statements have been prepared in conformity of International Financial Reporting Standards as
\nendorsed in the European Union (\u201cIFRS (EU\u201d). The Group has consistently applied the accounting policies throughout all periods presented,
\nunless stated otherwise.
\nThe consolidated annual financial statements for 2022 have been prepared on a going concern basis.
\nThe preparation of consolidated annual financial statements in conformity with IFRS (EU) requires the use of certain critical accounting
\nestimates. It also requires management to exercise its judgment in the process of applying the Group\u2019s accounting policies. Changes in
\nassumptions may have a significant impact on the consolidated financial statements in the period the assumptions changed. The management
\nof the Group believes the underlying assumptions in the preparation of consolidated annual financial statements for 2022 are appropriate.
\nThese consolidated annual financial statements consist of consolidated statements of financial position, consolidated statement of
\ncomprehensive income, statement of changes in equity, consolidated statement of cash flows, and explanatory notes.
\n\nThe consolidated annual financial statements are presented in euros and all values are rounded to the nearest thousand (\u20ac000), except when
\notherwise indicated.
\n
\n\n
\n",
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"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag185": {
"value": "The Group\u2019s consolidated annual financial statements have been prepared in conformity of International Financial Reporting Standards asendorsed in the European Union (\u201cIFRS (EU\u201d).",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag179": {
"value": "The consolidated annual financial statements for 2022 have been prepared on a going concern basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag167": {
"value": "\nThe consolidated annual financial statements are presented in euros and all values are rounded to the nearest thousand (\u20ac000), except when
\notherwise indicated.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag183": {
"value": "\n1.3. Accounting policies, changes in accounting estimates and errors (IAS 8)
\nWhen an IFRS (EU) specifically applies to a transaction, other event, or condition, the accounting policy or policies applied to that item shall be
\ndetermined by applying the IFRS (EU). In the absence of an IFRS (EU) that specifically applies to a transaction, other event or condition,
\nmanagement shall use its judgement in developing and applying an accounting policy that results in information that is relevant to the economic
\ndecision-making needs of users and reliable.
\nThe Group selects and applies its accounting policies consistently for similar transactions, other events, and conditions, unless an IFRS (EU)
\nspecifically requires or permits categorization of items for which different policies may be appropriate. In an IFRS (EU) requires or permits such
\ncategorization, an appropriate accounting policy shall be selected and applied consistently to each category.
\nThe Group changes an accounting policy only if the change is required by IFRS (EU) or results in the financial statements providing reliable and
\nmore relevant information about the effects of transactions, other events, or conditions on the entity\u2019s consolidated financial position,
\nconsolidated financial performance or consolidated cash flows. When a change in accounting policy is applied retrospectively the Group adjusts
\nthe opening balance of each affected component of equity for the earliest prior period presented and the other comparative amounts disclosed
\nfor each prior period presented as if the new accounting policy had always been applied.
\nThe effect of a change in an accounting estimate shall be recognized prospectively by including it in profit or loss in the period of the change, if
\nthe change affect that period only or the period of the change and future periods, if the change affects both.
\n
\n\nThe Group corrects material prior period errors retrospectively in the first set of consolidated financial statements authorized for issue at their
\ndiscovery by restating the comparative amounts for the prior period(s) presented in which the error occurred; or if the error occurred before
\nthe earliest prior period presented, restating the consolidated opening balances of assets, liabilities and equity for the earliest prior period
\npresented.
\nThe Group corrects the comparative data of the number of shares for 2021 in note 26 \"Profit per share\" of the 2022 annual report. More
\ninformation in Note 26.
\nin thousands of pieces
\nInitial 2021
\nChange
\nAdjusted 2021
\nWeighted average number of ordinary shares
\n3,855
\n-731
\n3,124
\n
\nThe Group amends the reference of \u201eThe accounting policies applied in the preparation of these financial statements are the same as those
\nused by the Group as of 31 December in the consolidated financial statements for the year ended 31 December 2020, except as described
\nbelow.\u201c as stated in note 1.5 \u201e Accounting policies, changes in accounting estimates and errors\u201c in the Annual Report for 2021:. The correct
\nreference would have been to the special purpose financial statements not the consolidated annual report. For periods up to and including the
\nyear ended 31 December 2020, the Group prepared its statutory financial statements in accordance with Estonian Financial Reporting Standards
\n(EFS). The Group prepared financial statements in accordance with IFRS 1 for the first time for consolidated special purpose financial report for
\nthe periods from 1 January 2018-31 December 2018, 1 January 2019-31 December 2019 and 1 January 2020-31 December2020.The special
\npurpose financial report is available at Hepsor\u2019s website https://hepsor.ee/wp-content/uploads/2021/11/Hepsor-IFRS-2018-2020-audited.pdf
\nand the Website of Finantsinspektsioon https://www.fi.ee/sites/default/files/2021-11/hepsor_ifrs_2018-2020_audited.pdf. When
\npreparing the Group\u2019s consolidated special purpose financial statements, the opening statement of the Group's financial position was prepared
\nas of 1 January 2018, which is also considered the date of the Group's transition to IFRS (EU).
\nThe Group has adjusted the consolidated cash flow statement for 2021 in the annual report for 2022as follows:
\nIn thousands of euros
\nInitial 2021
\nChange
\nAdjusted 2021
\nChanges in inventories
\n-12,816
\n-229
\n-13,045
\nCash flows from operating activities
\n-9,206
\n-229
\n-9,435
\nLoans raised
\n22,682
\n-369
\n22,313
\nLoan repayments
\n-10,479
\n88
\n-10,391
\nInterest paid
\n-1,361
\n510
\n-851
\nCash flows from financing activities
\n20,199
\n229
\n20,428
\n
\n1.4. Impact of new and revised standards and interpretations
\nThe accounting principles applied in the preparation of this report are the same as those used in the Group's consolidated report for the financial
\nyear ended on 31 December 2021, except for the cases described below.
\nRevised standards effective on or after 1 January 2023
\nCertain new or revised standards and interpretations have been issued that are mandatory for the Group\u2019s annual reporting periods beginning
\non or after 1 January 2023 and that have not been adopted by the Group ahead of effective date.
\nAmendments to IAS 1 \u201ePresentation of Financial Statements\u201c and IFRS Practise Statement 2 \u201eMaking Materiality Judgments\u201c- amendments aim
\nto help entities provide accounting policy disclosures that are more useful by:
\n- requiring companies to disclose their material accounting policies rather than their significant accounting policies;
\n- clarifying that accounting policies related to immaterial transactions, other events or conditions are themselves immaterial and
\nas such need not be disclosed; and
\n- clarifying that not all accounting policies that relate to material transactions, other events or conditions are themselves
\nmaterial to a company\u2019s financial statements.
\n
\n\nThe Board of IFRS also amended IFRS Practice Statement 2 to include guidance and two additional examples on the application of materiality to
\naccounting policy disclosures.
\nThe amendments are consistent with the refined definition of material: \u201cAccounting policy information is material if, when considered together
\nwith other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users
\nof general purpose financial statements make on the basis of those financial statements\u201d.
\nEffective for annual reporting periods beginning on or after 1 January 2023. The EU has approved the changes.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nAmendments to IAS 1 \u201ePresentation of Financial Statements\u201c (classification of liabilities as current and non-current) \u2013 amendments are aimed
\nto promote consistency in applying the requirements by helping the companies determine whether liabilities and other liabilities with uncertain
\nsettlement dates should be classified as current (to be settled within 12 months) or non-current. The amendments clarify what is meant by the
\nright to defer settlement; that a right to deferral must exist at the end of the reporting period; that classification is unaffected by the likelihood
\nthat an entity will exercise its deferral right and that only if the embedded derivative in a convertible liability is itself an equity instrument would
\nthe terms of a liability not impact its classification.
\nEffective for annual reporting periods beginning on or after 1 January 2023. The EU has approved the changes.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nAmendments to IAS 8 \u201eAccounting Policies, Changes in accounting Estimates and Errors\u201c \u2013 amendments introduce a new definition for
\naccounting estimates. According to the new definition, accounting estimates are \"monetary amounts in financial statements that are subject to
\nmeasurement uncertainty\". Entities should develop accounting estimates when the accounting policies require the measurement of items in
\nthe financial statements that are subject to measurement uncertainty. The amendments clarify that a change in an accounting estimate resulting
\nfrom new information or new developments is not a correction of an error. Effective for annual reporting periods beginning on or after 1 January
\n2023. The EU has approved the changes.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nAmendments to IAS 12 \u201eIncome Taxes\u201c - The amendments clarify the accounting for deferred tax on transactions that involve recognising both
\nan asset and a liability with a single tax treatment related to both. The amendments narrow the scope of the initial recognition exemption (IRE)
\nso that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognise
\na deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning
\nprovision. Effective for annual reporting periods beginning on or after 1 January 2023. The EU has approved the changes.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nAmendments to IFRS 16 \u201eLeases\u201c \u2013 amendments impact how a seller-lessee accounts for variable lease payments that arise in a sale-and-
\nleaseback transaction. The amendments introduce a new accounting model for variable payments. The amendments confirm the following:
\n- On initial recognition, the seller-lessee includes variable lease payments when it measures a lease liability arising from a sale-
\nand-leaseback transaction.
\n- After initial recognition, the seller-lessee applies the general requirements for subsequent accounting of the lease liability such
\nthat it recognises no gain or loss relating to the right of use it retains.
\n
\nA seller-lessee may adopt different approaches that satisfy the new requirements on subsequent measurement. Effective for annual reporting
\nperiods beginning on or after 1 January 2024. Not yet endorsed for use in the EU.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nChanges in standards
\nAnnual Improvements to IFRS Standards 2018\u20132020 (the Group will apply the amendment for annual periods beginning on or after 1 January
\n2022). Not yet endorsed for use in the EU.
\n
\n\nIFRS 9 - Amendments clarify which fees to consider when assessing whether or not the terms of a converted debt Instrument have changed -
\nonly fees paid or received between the borrower and the lender (including payments made or received by the borrower or lender on behalf of
\nanother party).
\nIFRS 16 - Amendment removes illustrative example 13 due to confusion it creates both for the lessee and the lessor regarding the recognition
\nof improvements to leased assets.
\nThe Group does not expect the amendments to have a material impact on its financial statements when initially applied.
\nOther new standards, amendments to standards and interpretations that are not yet effective are not expected to have a significant impact on
\nthe Group\u2019s financial statements.
\n
\n",
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"value": "\n
\n\n1.5. Consolidation (IFRS 10)
\nThe Group\u2019s financial statements consolidate those of the parent entity and all its subsidiaries as of 31 December. All subsidiaries have a
\nreporting date of 31 December. Consolidation of a subsidiary begins when the parent entity obtains control over the subsidiary and ceases when
\nthe parent entity loses control over the subsidiary.
\nThe Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and could
\naffect those returns through its power over the entity. Subsidiaries where the Group holds 50% ownership interest are consolidated based on,
\nthe assessment of the Management of the Group that the Group effectively controls the subsidiary by virtue of managing the real estate
\ndevelopment projects and/or through a shareholder agreement.
\nAll transactions and balances between Group entities are eliminated on consolidation, including unrealized gains and losses on transactions
\nbetween Group entities. Amounts reported in the statutory financial statements of subsidiaries have been adjusted, where necessary, to ensure
\nconsistency with the accounting policies adopted by the Group.
\nThe Group prepares consolidated financial statements using uniform accounting policies for like transactions and other events in similar
\ncircumstances.
\nThe Group presents non-controlling interests in the consolidated statement of financial position within equity, separately from the equity of the
\nowners of the Group.
\nProfit or loss and other comprehensive income of subsidiaries acquired or disposed of during the reporting period is recognized from the
\neffective date of acquisition, or up to the effective date of disposal, as applicable.
\n
\n\n
\n",
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"Tag171": {
"value": "\n1.5. Consolidation (IFRS 10)
\nThe Group\u2019s financial statements consolidate those of the parent entity and all its subsidiaries as of 31 December. All subsidiaries have a
\nreporting date of 31 December. Consolidation of a subsidiary begins when the parent entity obtains control over the subsidiary and ceases when
\nthe parent entity loses control over the subsidiary.
\nThe Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and could
\naffect those returns through its power over the entity. Subsidiaries where the Group holds 50% ownership interest are consolidated based on,
\nthe assessment of the Management of the Group that the Group effectively controls the subsidiary by virtue of managing the real estate
\ndevelopment projects and/or through a shareholder agreement.
\nAll transactions and balances between Group entities are eliminated on consolidation, including unrealized gains and losses on transactions
\nbetween Group entities. Amounts reported in the statutory financial statements of subsidiaries have been adjusted, where necessary, to ensure
\nconsistency with the accounting policies adopted by the Group.
\nThe Group prepares consolidated financial statements using uniform accounting policies for like transactions and other events in similar
\ncircumstances.
\nThe Group presents non-controlling interests in the consolidated statement of financial position within equity, separately from the equity of the
\nowners of the Group.
\nProfit or loss and other comprehensive income of subsidiaries acquired or disposed of during the reporting period is recognized from the
\neffective date of acquisition, or up to the effective date of disposal, as applicable.
\n
\n",
"dimensions": {
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"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag168": {
"value": "\n
\n\n1.6. Business combinations (IFRS 3, IAS 36)
\nThe Group uses the acquisition method of accounting to account for business combinations where the Group has obtained control over a
\nsubsidiary or merged the net assets of one or more businesses into the Group. Cost of acquisition is calculated as the sum of the acquisition
\ndate fair values of assets transferred. Acquisition-related costs that Group incurs in a business combination are expensed as incurred.
\nAs of the acquisition date, the Group recognizes the identifiable assets acquired, and the liabilities assumed at their fair values.
\nThe Group applies adjusted purchase method when acquiring business combinations under common control by recognizing the assets and
\nliabilities of the acquiree or business on the acquirer's statement of financial position at the carrying amount. The difference between the cost
\nof acquisition and the carrying amount of the acquired net assets shall be recognized as an increase or decrease of the equity of the acquirer.
\nIf the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group
\nreports in its financial statements\u2019 provisional amounts for the items for which the accounting is incomplete. The measurement period is the
\nperiod after the acquisition date during which the acquirer may adjust the provisional amounts recognized for a business combination. During
\nthe measurement period, the acquirer shall recognize adjustments to the provisional amounts as if the accounting for the business combination
\nhad been completed at the acquisition date. Thus, the acquirer shall revise comparative information for prior periods presented in financial
\nstatements as needed, including making any change in depreciation, amortization or other income effects recognized in completing the initial
\naccounting. After the measurement period ends, the acquirer shall revise the accounting for a business combination only to correct an error.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag176": {
"value": "\n1.6. Business combinations (IFRS 3, IAS 36)
\nThe Group uses the acquisition method of accounting to account for business combinations where the Group has obtained control over a
\nsubsidiary or merged the net assets of one or more businesses into the Group. Cost of acquisition is calculated as the sum of the acquisition
\ndate fair values of assets transferred. Acquisition-related costs that Group incurs in a business combination are expensed as incurred.
\nAs of the acquisition date, the Group recognizes the identifiable assets acquired, and the liabilities assumed at their fair values.
\nThe Group applies adjusted purchase method when acquiring business combinations under common control by recognizing the assets and
\nliabilities of the acquiree or business on the acquirer's statement of financial position at the carrying amount. The difference between the cost
\nof acquisition and the carrying amount of the acquired net assets shall be recognized as an increase or decrease of the equity of the acquirer.
\nIf the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group
\nreports in its financial statements\u2019 provisional amounts for the items for which the accounting is incomplete. The measurement period is the
\nperiod after the acquisition date during which the acquirer may adjust the provisional amounts recognized for a business combination. During
\nthe measurement period, the acquirer shall recognize adjustments to the provisional amounts as if the accounting for the business combination
\nhad been completed at the acquisition date. Thus, the acquirer shall revise comparative information for prior periods presented in financial
\nstatements as needed, including making any change in depreciation, amortization or other income effects recognized in completing the initial
\naccounting. After the measurement period ends, the acquirer shall revise the accounting for a business combination only to correct an error.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag164": {
"value": "\n
\n\n1.7. Investments in associates (IAS 28)
\nAn associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and
\noperating policy decisions of the investee but is not control or joint control over those policies.
\nInvestments in associates are accounted for using the equity method. The initial recognition of the investment in associate is recognized at cost.
\nThe carrying amount of the investment in associates are increased or decreased to recognize the Group\u2019s share of the profit or loss and other
\ncomprehensive income of associates, adjusted where necessary to ensure consistency with the accounting policies of the Group.
\nThe Group discontinues the use of the equity method from the date when the investment ceases to be an associate, or when the investment is
\nclassified as held for sale.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag180": {
"value": "\n1.7. Investments in associates (IAS 28)
\nAn associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and
\noperating policy decisions of the investee but is not control or joint control over those policies.
\nInvestments in associates are accounted for using the equity method. The initial recognition of the investment in associate is recognized at cost.
\nThe carrying amount of the investment in associates are increased or decreased to recognize the Group\u2019s share of the profit or loss and other
\ncomprehensive income of associates, adjusted where necessary to ensure consistency with the accounting policies of the Group.
\nThe Group discontinues the use of the equity method from the date when the investment ceases to be an associate, or when the investment is
\nclassified as held for sale.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag170": {
"value": "\n
\n1.8. Property, plant and equipment (IAS 16)
\nProperty, plant, and equipment are assets used for production, provision of services or administrative purposes over a period of more than one
\nyear.
\nItems of property, plant and equipment are recognized at an acquisition cost less any accumulated depreciation and impairment losses, if any.
\nAcquisition cost consists of the purchase price and other costs directly attributable to the acquisition that are necessary for bringing the asset
\nto its working condition and location. When an item of property, plant and equipment consists of separately identifiable components that have
\ndifferent useful lives, these components are accounted as separate assets and separate depreciation rates are assigned to them according to
\nthe useful lives of the components. Items of property, plant and equipment leased under the lease terms are accounted for similarly to
\npurchased property, plant and equipment.
\n\nDepreciation is recognized as an expense on a straight-line basis over the estimated useful life of an item of property, plant and equipment and
\nits identifiable components.
\nThe following estimated useful lives are applied:
\n- Buildings and structures 2\u201333 years
\n- Plant and equipment 5\u201310 years
\n- Other equipment and fixtures 3-5 years
\n- Vehicles 5-7 years
\n
\nLand and construction in progress are not depreciated.
\n
\nThe Group use uniform depreciation rates in all Group companies. The estimated useful lives, residual values and depreciation methods are
\nreviewed annually. The effect of the changes is reflected in the reporting period and in subsequent periods.
\n
\n\nItems of property, plant and equipment are derecognized on disposal or when no future economic benefits are expected from the continued
\nuse or disposal of the asset. Gains or losses arising from derecognition of items of property, plant and equipment are included either within
\nother operating income or other operating expenses in the income statement.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag182": {
"value": "\nDepreciation is recognized as an expense on a straight-line basis over the estimated useful life of an item of property, plant and equipment and
\nits identifiable components.
\nThe following estimated useful lives are applied:
\n- Buildings and structures 2\u201333 years
\n- Plant and equipment 5\u201310 years
\n- Other equipment and fixtures 3-5 years
\n- Vehicles 5-7 years
\n
\nLand and construction in progress are not depreciated.
\n
\nThe Group use uniform depreciation rates in all Group companies. The estimated useful lives, residual values and depreciation methods are
\nreviewed annually. The effect of the changes is reflected in the reporting period and in subsequent periods.
\n
\n\nDepreciation is recognized as an expense on a straight-line basis over the estimated useful life of an item of property, plant and equipment
\nand its identifiable components.
\n
\nThe following estimated useful lives are applied:
\n
\n- Licenses and software 2-5 years
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag184": {
"value": "\n
\n\n
\n1.9. Intangible assets (IAS 38, IAS 36)
\nIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination
\nis their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization
\nand accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite.
\n\nDepreciation is recognized as an expense on a straight-line basis over the estimated useful life of an item of property, plant and equipment
\nand its identifiable components.
\n
\nThe following estimated useful lives are applied:
\n
\n- Licenses and software 2-5 years
\n
\n\n
\n\n
\n\n
\n
\n\nAn intangible asset is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are
\nexpected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal
\nproceeds and the carrying amount of the asset) is included in the statement of comprehensive income for the period.
\n
\n\n\nGoodwill
\nGoodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-
\ncontrolling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net
\nassets acquired is more than the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all the assets
\nacquired and all the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If
\nthe reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is
\nrecognized in statement of comprehensive income for the period.
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment losses. For impairment testing, goodwill acquired in a
\nbusiness combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the
\ncombination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
\nIf the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying
\namount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the
\nunit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in
\nsubsequent periods.
\nWhere goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated
\nwith the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed
\nin these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag169": {
"value": "\n
\n1.9. Intangible assets (IAS 38, IAS 36)
\nIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination
\nis their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization
\nand accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite.
\n\nDepreciation is recognized as an expense on a straight-line basis over the estimated useful life of an item of property, plant and equipment
\nand its identifiable components.
\n
\nThe following estimated useful lives are applied:
\n
\n- Licenses and software 2-5 years
\n
\n\n
\n\nAn intangible asset is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are
\nexpected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal
\nproceeds and the carrying amount of the asset) is included in the statement of comprehensive income for the period.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag188": {
"value": "\nGoodwill
\nGoodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-
\ncontrolling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net
\nassets acquired is more than the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all the assets
\nacquired and all the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If
\nthe reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is
\nrecognized in statement of comprehensive income for the period.
\nAfter initial recognition, goodwill is measured at cost less any accumulated impairment losses. For impairment testing, goodwill acquired in a
\nbusiness combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the
\ncombination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
\nIf the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying
\namount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the
\nunit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in
\nsubsequent periods.
\nWhere goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated
\nwith the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed
\nin these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag209": {
"value": "\n1.10. Cash and cash equivalents, cash flows (IAS 7)
\nCash and cash equivalents are cash at bank and on hand, short-term extremely high liquidity investments (up to three months) that are readily
\nconvertible into a known amount of cash and which are subject to an insignificant risk of changes in value.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag203": {
"value": "\nRestricted cash and cash equivalent balances are those which meet the definition of cash and cash equivalents but are not available for use by
\nthe group. The Group has a requirement, as part of its business operations, to set aside cash by way of deposit into an escrow account. Such
\nescrow accounts are classified in cash flow statement as change in receivables from operating activities.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag206": {
"value": "\nThe statement of cash flows reports cash flows during the period classified by operating, investing and financing activities. The Group reports
\ncash flows from operating activities using the indirect method whereby operating profit or loss is adjusted for the effects of transactions of a
\nnon-cash nature, any deferrals or accruals of past or future operating cash receipts or payments, and items of income or expense associated
\nwith investing or financing cash flows.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag205": {
"value": "\n
\n1.11. Inventories (IAS 2, IAS 23)
\nIn inventories, development projects are recorded under development projects ready for sale from the moment the project has been granted
\na use permit, otherwise development projects under development are recorded under development projects in progress.
\nInventories are stated at the lower of cost and net realizable value. Cost comprises direct materials and, where applicable, direct labor costs
\nand those overheads that have been incurred in bringing the inventories to their present location and condition. If inventory items are not
\nclearly distinguishable from each other, then the weighted average cost method is used. Net realizable value represents the estimated selling
\nprice less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
\n\nBorrowing costs related to real estate development projects are included in the cost of inventories. The Group capitalizes borrowing costs that
\nare directly attributable to the real estate development projects and ceases to capitalize when real estate development project is ready for sale
\nbut not later than the real estate development project has been granted a permit for use. Interest expenses that are related to real estate
\nmaintenance or usage are not capitalized but expensed in the period when they occur. All other borrowing costs are expensed in the period in
\nwhich they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
\n
\n\n
\n\nCompleted real estate inventories are sold either in units or as a whole. Revenue from the sale is recognized as income from sale of real estate.
\nAll the Group's development projects are recorded as inventories, even if the Group earns rental income before the full or partial sale of the
\ndevelopment project. The Group aims to develop the acquired properties and sell the developed projects.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag220": {
"value": "\nBorrowing costs related to real estate development projects are included in the cost of inventories. The Group capitalizes borrowing costs that
\nare directly attributable to the real estate development projects and ceases to capitalize when real estate development project is ready for sale
\nbut not later than the real estate development project has been granted a permit for use. Interest expenses that are related to real estate
\nmaintenance or usage are not capitalized but expensed in the period when they occur. All other borrowing costs are expensed in the period in
\nwhich they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag197": {
"value": "Interest expenses that are related to real estatemaintenance or usage are not capitalized but expensed in the period when they occur.\nInterest income is recognized using the effective interest method for receivables measured subsequently at amortized cost. For financial assets
\nthat have subsequently become credit-impaired, interest income is recognized by applying the effective interest rate to the amortized cost of
\nthe financial asset. If, in subsequent reporting periods, the credit risk on the credit-impaired financial instrument improves so that the financial
\nasset is no longer credit impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the
\nfinancial asset.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag211": {
"value": "\n
\n
\n
\n1.12. Financial instruments (IFRS 9, IAS 32)
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another
\nentity.
\nFinancial assets and financial liabilities are recognized in the Group\u2019s statement of financial position when the Group becomes a party to the
\ncontractual provisions of the instrument.
\nFinancial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing
\ncomponent which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets
\nand financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the
\nfair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the
\nacquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.
\nAn entity typically incurs various costs in issuing or acquiring its own equity instruments. Those costs might include registration and other
\nregulatory fees, amounts paid to legal, accounting and other professional advisers, printing costs and stamp duties. The transaction costs of an
\nequity transaction are accounted for as a deduction from equity to the extent that they are incremental costs directly attributable to the equity
\ntransaction that otherwise would have been avoided. The Group raised 10 million euros in 2021 by listing its shares in Nasdaq Tallinn stock
\nexchange. The transaction costs of share issue are accounted for as a deduction from equity.
\n\n
\nFinancial assets
\nAt initial recognition, the Group measures a financial asset at its fair value plus or minus, in the case of a financial asset not at fair value through
\nprofit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset. After initial recognition, the Group
\nmeasures a financial asset in amortized cost, fair value through other comprehensive income, or fair value through profit or loss.
\nPurchase and sale of financial asset is recognized using settlement date accounting. Settlement date is the date that an asset is delivered to or
\nby the Group.
\n\nFinancial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the
\nGroup has transferred substantially all the risks and rewards of ownership. On derecognition the Group recognizes the difference between the
\ncarrying amount and consideration received as profit or loss. Transaction costs of financial assets carried at fair value plus or minus are expensed
\nin profit or loss. Subsequent measurement of debt instruments depends on the group\u2019s business model for managing the asset and the cash
\nflow characteristics of the asset.
\n
\n\nGroup measures its debt instruments at amortized cost. The amortized cost of a financial asset is the amount at which the financial asset is
\nmeasured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any
\ndifference between that initial amount and the maturity amount, adjusted for any loss allowance.
\nThe Group recognizes loss allowance for expected credit losses on loan instruments, lease receivables, trade receivables, contract assets and
\nfinancial guarantee contracts. Expected credit loss is based on the difference between all contractual cash flows that are due in accordance with
\nthe contract and all the cash flows that the Group expects to receive, discounted at the at an approximation of original effective interest rate.
\nThe amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective
\nfinancial instrument.
\nThe Group always recognizes lifetime expected credit losses for trade receivables, contract assets and lease receivables. The expected credit
\nlosses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors
\nthat are specific to the debtors, general economic conditions, and an assessment of both the current as well as the forecast direction of
\nconditions at the reporting date, including time value of money where appropriate.
\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n\n
\nFor all other financial instruments, the Group recognizes lifetime expected credit losses when there has been a significant increase in credit risk
\nsince initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group
\nmeasures the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses. Lifetime expected credit
\nlosses represent the expected credit losses that will result from all possible default events over the expected life of a financial instrument. At
\nthe same time, 12-month expected credit losses represent the portion of lifetime expected credit losses that is expected to result from default
\nevents on a financial instrument that are possible within 12 months after the reporting date.
\n
\n\n\n\nInterest income is recognized using the effective interest method for receivables measured subsequently at amortized cost. For financial assets
\nthat have subsequently become credit-impaired, interest income is recognized by applying the effective interest rate to the amortized cost of
\nthe financial asset. If, in subsequent reporting periods, the credit risk on the credit-impaired financial instrument improves so that the financial
\nasset is no longer credit impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the
\nfinancial asset.
\n\n\n
\n\n
\n\n\n
\n
\nFinancial liabilities
\n\n
\n\nAll financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
\ntransaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans, and borrowings. Interest bearing loans and borrowings are recognized
\nat amortized cost using the effective interest method.
\n
\n\n
\n\nThe effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the
\nrelevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including transaction costs and
\nother premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost
\nof a financial liability.
\n\nThe Group derecognizes financial liabilities when, and only when, the Group's obligations are discharged, cancelled or have expired. The
\ndifference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or
\nloss.
\n
\n\n
\n\n\n
\n\nEmbedded derivatives
\nWhen the Group enters SPV agreement with a business partner, it assesses the financial assets and liabilities assumed for appropriate
\nclassification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions as at the acquisition
\ndate. This includes the separation of embedded derivatives in host contracts. A derivative embedded in a hybrid contract, with a financial liability
\nor non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not
\nclosely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative;
\nand the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in
\nfair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies
\nthe cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through comprehensive income.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag201": {
"value": "\n
\nFinancial assets
\nAt initial recognition, the Group measures a financial asset at its fair value plus or minus, in the case of a financial asset not at fair value through
\nprofit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset. After initial recognition, the Group
\nmeasures a financial asset in amortized cost, fair value through other comprehensive income, or fair value through profit or loss.
\nPurchase and sale of financial asset is recognized using settlement date accounting. Settlement date is the date that an asset is delivered to or
\nby the Group.
\n\nFinancial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the
\nGroup has transferred substantially all the risks and rewards of ownership. On derecognition the Group recognizes the difference between the
\ncarrying amount and consideration received as profit or loss. Transaction costs of financial assets carried at fair value plus or minus are expensed
\nin profit or loss. Subsequent measurement of debt instruments depends on the group\u2019s business model for managing the asset and the cash
\nflow characteristics of the asset.
\n
\n\nGroup measures its debt instruments at amortized cost. The amortized cost of a financial asset is the amount at which the financial asset is
\nmeasured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any
\ndifference between that initial amount and the maturity amount, adjusted for any loss allowance.
\nThe Group recognizes loss allowance for expected credit losses on loan instruments, lease receivables, trade receivables, contract assets and
\nfinancial guarantee contracts. Expected credit loss is based on the difference between all contractual cash flows that are due in accordance with
\nthe contract and all the cash flows that the Group expects to receive, discounted at the at an approximation of original effective interest rate.
\nThe amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective
\nfinancial instrument.
\nThe Group always recognizes lifetime expected credit losses for trade receivables, contract assets and lease receivables. The expected credit
\nlosses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors
\nthat are specific to the debtors, general economic conditions, and an assessment of both the current as well as the forecast direction of
\nconditions at the reporting date, including time value of money where appropriate.
\n
\n\n
\nFor all other financial instruments, the Group recognizes lifetime expected credit losses when there has been a significant increase in credit risk
\nsince initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group
\nmeasures the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses. Lifetime expected credit
\nlosses represent the expected credit losses that will result from all possible default events over the expected life of a financial instrument. At
\nthe same time, 12-month expected credit losses represent the portion of lifetime expected credit losses that is expected to result from default
\nevents on a financial instrument that are possible within 12 months after the reporting date.
\n
\n\n\n\nInterest income is recognized using the effective interest method for receivables measured subsequently at amortized cost. For financial assets
\nthat have subsequently become credit-impaired, interest income is recognized by applying the effective interest rate to the amortized cost of
\nthe financial asset. If, in subsequent reporting periods, the credit risk on the credit-impaired financial instrument improves so that the financial
\nasset is no longer credit impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the
\nfinancial asset.
\n\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag190": {
"value": "\nFinancial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the
\nGroup has transferred substantially all the risks and rewards of ownership. On derecognition the Group recognizes the difference between the
\ncarrying amount and consideration received as profit or loss. Transaction costs of financial assets carried at fair value plus or minus are expensed
\nin profit or loss. Subsequent measurement of debt instruments depends on the group\u2019s business model for managing the asset and the cash
\nflow characteristics of the asset.
\n
\n\nThe Group derecognizes financial liabilities when, and only when, the Group's obligations are discharged, cancelled or have expired. The
\ndifference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or
\nloss.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag195": {
"value": "\n\n\nInterest income is recognized using the effective interest method for receivables measured subsequently at amortized cost. For financial assets
\nthat have subsequently become credit-impaired, interest income is recognized by applying the effective interest rate to the amortized cost of
\nthe financial asset. If, in subsequent reporting periods, the credit risk on the credit-impaired financial instrument improves so that the financial
\nasset is no longer credit impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the
\nfinancial asset.
\n\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag191": {
"value": "\n
\n
\nFinancial liabilities
\n\n
\n\nAll financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
\ntransaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans, and borrowings. Interest bearing loans and borrowings are recognized
\nat amortized cost using the effective interest method.
\n
\n\n
\n\nThe effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the
\nrelevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including transaction costs and
\nother premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost
\nof a financial liability.
\n\nThe Group derecognizes financial liabilities when, and only when, the Group's obligations are discharged, cancelled or have expired. The
\ndifference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or
\nloss.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag207": {
"value": "\n
\n\nAll financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
\ntransaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans, and borrowings. Interest bearing loans and borrowings are recognized
\nat amortized cost using the effective interest method.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag216": {
"value": "\nAll financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable
\ntransaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans, and borrowings. Interest bearing loans and borrowings are recognized
\nat amortized cost using the effective interest method.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag214": {
"value": "\n
\n\nEmbedded derivatives
\nWhen the Group enters SPV agreement with a business partner, it assesses the financial assets and liabilities assumed for appropriate
\nclassification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions as at the acquisition
\ndate. This includes the separation of embedded derivatives in host contracts. A derivative embedded in a hybrid contract, with a financial liability
\nor non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not
\nclosely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative;
\nand the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in
\nfair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies
\nthe cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through comprehensive income.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag217": {
"value": "\nEmbedded derivatives
\nWhen the Group enters SPV agreement with a business partner, it assesses the financial assets and liabilities assumed for appropriate
\nclassification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions as at the acquisition
\ndate. This includes the separation of embedded derivatives in host contracts. A derivative embedded in a hybrid contract, with a financial liability
\nor non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not
\nclosely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative;
\nand the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in
\nfair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies
\nthe cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through comprehensive income.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag204": {
"value": "\n1.13. Provisions and contingent liabilities (IAS 37)
\nProvisions are recognized when the Group has a present obligation (legal or constructive) because of a past event it is probable that the Group
\nwill be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
\nThe amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the
\nreporting period, considering the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows
\nestimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of
\nmoney is material).
\nWhen some or all the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized
\nas an asset if it is virtually certain that reimbursement will be received.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag189": {
"value": "\nContingent liabilities
\nContingent liabilities are those liabilities the realization of which is less probable than non-realization or the amount of which cannot be
\nmeasured sufficiently reliably. The Group does not recognize contingent liabilities but discloses brief description of the nature of the contingent
\nliability and, where practicable an estimate of its financial effect; an indication of the uncertainties relating to the amount or timing of any
\noutflow; and the possibility of any reimbursement unless the possibility of any outflow in settlement is remote.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag199": {
"value": "\n1.14. Government grants (IAS 20)
\nGrants related to assets are government grants whose primary condition is that an entity qualifying for them should purchase, construct or
\notherwise acquire long-term assets. Grants related to income are government grants other than those related to assets. Grants related to
\noperating expenses are government grants that are not government grants related to assets.
\nGovernment grants shall be recognized in profit or loss on a systematic basis over the periods in which the entity recognizes as expenses the
\nrelated costs for which the grants are intended to compensate. A government grant that becomes receivable as compensation for expenses or
\nlosses already incurred shall be recognized in profit or loss of the period in which it becomes receivable.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag196": {
"value": "\n1.15. Leases (IFRS 16)
\nThe Group assesses at contract inception whether a contract is, or contains, a lease. Lease is a contract that conveys the right to control the use
\nof an identified asset for a period in exchange for consideration.
\nGroup as a lessee
\nThe Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee,
\nexcept for leases which are both short-term and of low value.
\nThe right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of
\nlease liabilities. The cost of right-to-use assets includes the amount of the initial measurement of the lease liability, any lease payments made
\nat or before the commencement date (less any lease incentives received), any initial direct costs incurred by the Group; and an estimate of costs
\nto be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying
\nasset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.
\nAt the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made
\nover the lease term. Lease payments are discounted using the interest rate implicit in the lease or, alternatively, the lessee\u2019s incremental
\nborrowing rate. The incremental borrowing rate is the interest rate that the group would have to pay to borrow the funds necessary to obtain
\na similar asset.
\nThe lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments
\nthat depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the
\nexercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the
\nlease term reflects the Group exercising the option to terminate.
\nIf the lease transfers ownership of the underlying asset to the Group by the end of the lease term or if the cost of the right-of-use asset reflects
\nthat the Group will exercise a purchase option, the Group shall depreciate the right-of-use asset from the commencement date to the end of
\nthe useful life of the underlying asset. Otherwise, the Group depreciates the right-of-use asset from the commencement date to the earlier of
\nthe end of the useful life of the right-of-use asset or the end of the lease term.
\nThe lease liability is measured as follows:
\n- increasing the carrying amount to reflect interest on the lease liability;
\n- reducing the carrying amount to reflect the lease payments made; and
\n- remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect revised in-substance fixed lease
\npayments.
\n
\n\nGroup as a lessor
\nLeases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the
\nrisks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.
\nRental income from operating leases is recognized on a straight-line basis over the lease term. Gains from the expected disposal of assets shall
\nnot be taken into account in measuring a provision. Initial direct costs incurred in negotiating and arranging an operating lease are added to the
\ncarrying amount of the leased asset and recognized on a straight-line basis over the lease term on the same basis as lease income.
\nThe Group enters into short-term lease agreements as a lessor with respect to some of its real estate development properties in Latvia until the
\nproperty is sold. Such real estate property is continuously recognized as inventories because being held for sale in the ordinary course of
\nbusiness.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag193": {
"value": "\n1.16. Revenue (IFRS 15)
\nThe Group recognizes revenue from the following major source:
\n
\n- revenue from sale of real estate;
\n- revenue from project management services;
\n- rental income;
\n- revenue from other services.
\n
\nThe Group recognizes revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration
\nto which the entity expects to be entitled in exchange for those goods or services. The Group recognizes revenue when it transfers control of a
\nproduct or service to a customer.
\nRevenues from sale of real estate
\nRevenue from the sale of goods purchased and finished goods, including real estate developed by the Group, is recognized when control of the
\ngoods has been substantially transferred to the buyer, it is probable that economic benefits associated with the transaction will flow to the
\ngroup, the costs incurred or to be incurred in respect of the transaction including potential returns can be measured reliably, the group retains
\nno continuing involvement with the goods, and the amount of the revenue can be measured reliably. The sale is considered completed upon
\nsigning the real right contract with the buyer.
\nThe Group recognizes revenue in the amount of the transaction price. The transaction price is the amount of consideration to which the Group
\nexpects to be entitled in exchange for transferring promised goods or services to a customer.
\nRevenue from project management services
\nProject management income includes revenues from project management services the Group provides to external partners and associated
\ncompanies. Project management income is recognized in the accounting period when the service is rendered.
\nRental income
\nRental income includes revenues from renting Group\u2019s residential and commercial property. Rental income from operating leases is recognized
\non a straight-line basis over the lease term.
\nRevenue from other services
\nRevenue from other services includes revenues from services provided by the Group other than project management or rental income and
\nincome from sale of good other than development projects.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag218": {
"value": "\n1.17. Operating segments (IFRS 15, IFRS 8)
\nA segment is a distinguishable component of the Group, which generates revenues and incurs expenditures. The segment reporting is presented
\nin respect of operating and geographical segments.
\nThe Group reports separately information about the following operating segments:
\n
\n- residential real estate;
\n
\n\n- commercial real estate;
\n- headquarters
\n
\nGeographical segments refer to the location of the real estate. The Group operates in Estonia and Latvia.
\nThe operating results are regularly reviewed by the Group\u2019s Management Board to monitor the performance of the various segments in terms
\nof sales revenue and operating profit (loss). Segment profit represents the segment\u2019s external sales and operating profit (loss).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag213": {
"value": "Estonia and Latvia",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag221": {
"value": "\n
\n1.18. Income tax (IAS 12)
\nCorporate income tax in Estonia
\nAccording to the Income Tax Act entered into force in Estonia at 1 January 2000, it is not the company's profits that are taxed but net dividends
\npaid. Income tax is paid on dividends, fringe benefits, gifts, donations, costs of reception of guests, non-business payments and transfer price
\nadjustments. The effective income tax rate is 20/80 on net dividends paid out. Starting from 2019, it is possible to apply a more favourable tax
\nrate on dividend payments (14/86). The more favourable tax rate can be applied to a dividend distribution that amounts to up to three preceding
\nyears\u2019 average dividend distribution that has been taxed at 20/80 rate.
\nCorporate income tax in Latvia
\nFrom 1 January 2018, profits earned after 2017 will be taxed at a rate of 20/80. The transitional rules of the Income Tax Act allow for a reduction
\nin the profit payable on dividends if the company has unused tax losses or certain provisions as of 31 December 2017. As a result of the
\nimplementation of the Income Tax Act effective from 2018, there are no longer differences between the tax accounting and carrying amounts
\nof assets and liabilities in Latvia, and therefore deferred income tax assets and liabilities to Latvian subsidiaries are not recognized.
\n\nDeferred income tax liability
\nDeferred income tax liability is recognized in respect to investments in subsidiaries, except for if the Group can control the timing of the reversal
\nof the taxable temporary differences and it is probable that the reversal will not occur in the foreseeable future. As the parent controls the
\npayment of dividends, the sale or liquidation of an investment, and other transactions in subsidiaries it can control the timing of the reversal of
\ntaxable temporary differences associated with these investments. Therefore, when the parent has determined that those profits will not be
\ndistributed in the foreseeable future the parent does not recognize a deferred tax liability. If the parent company assesses that the dividend will
\nbe paid in the foreseeable future, the deferred income tax liability is measured to the extent of the planned dividend payment provided that as
\nat the reporting date, there are sufficient funds to pay the dividend and owner\u2019s equity on account of which to distribute profit in foreseeable
\nfuture.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag194": {
"value": "\nDeferred income tax liability
\nDeferred income tax liability is recognized in respect to investments in subsidiaries, except for if the Group can control the timing of the reversal
\nof the taxable temporary differences and it is probable that the reversal will not occur in the foreseeable future. As the parent controls the
\npayment of dividends, the sale or liquidation of an investment, and other transactions in subsidiaries it can control the timing of the reversal of
\ntaxable temporary differences associated with these investments. Therefore, when the parent has determined that those profits will not be
\ndistributed in the foreseeable future the parent does not recognize a deferred tax liability. If the parent company assesses that the dividend will
\nbe paid in the foreseeable future, the deferred income tax liability is measured to the extent of the planned dividend payment provided that as
\nat the reporting date, there are sufficient funds to pay the dividend and owner\u2019s equity on account of which to distribute profit in foreseeable
\nfuture.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag212": {
"value": "\n1.19. Fair value measurement (IFRS 13)
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
\nat the measurement date under current market conditions. The Group measures its financial instruments at fair value at each statement of
\nfinancial position date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the
\nprincipal market for the asset or liability or in the absence of a principal market, in the most advantageous market for the asset or liability.
\nThe fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability,
\nassuming that market participants act in their economic best interest.
\nIn estimating the fair value of an asset or a liability, the Group uses market-observable data to the extent it is available.
\nCash and cash equivalents include deposits in local commercial banks. Cash equivalents are short-term, highly liquid investments that are readily
\nconvertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Due to their short-term nature, the
\ncarrying amounts approximate the fair value of cash and cash equivalents.
\nExpected credit loss rate for current loan receivables, non-current loans and other non-current receivables is 0%, historical average of trade
\nreceivables as at 31 December 2022: 3.0% (31 December 2021: 2.6%). The impact on recoverability of receivables in short perspective and in
\nconsideration of expected lifetime losses is estimated as insignificant at each statement of financial position date.
\n
\n\nInventories are stated at the lower of cost and net realizable value in the statement of financial position. Fair value is evaluated based on net
\nrealization value with 15% discount to cover any risks and setback before the development is completed and properties sold (hair-cut). The
\napplied percentage is based on the management\u2019s estimate made based on their professional expertise in the field of operations.
\nProperty, plant and equipment fair value is assumed to be equal to carrying value as its estimated useful lives, residual values and depreciation
\nmethods are reviewed annually.
\nAccording to the estimation of the Group, the carrying values of financial liabilities in the consolidated statement of financial position as at 31
\nDecember 2022 does not vary significantly from the fair value since they are measured at net cash flows discounted at the effective interest
\nrate that considers all additional direct costs of lending, as well as timing of settling of such financial obligations.
\nPart of the Group\u2019s long-term borrowings have a floating interest rate (includes 6 months Euribor). Based on the estimation of the management,
\nthe Group\u2019s financial outlook and market risks have not materially changed since the loans were obtained and the interest rates on the Group\u2019s
\ndebt are on the market conditions.
\nAll assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy,
\ndescribed as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
\nLevel (L) 1 - quoted (unadjusted) market prices in active markets for identical assets and liabilities.
\nLevel (L) 2 - fair value is estimated using market information and valuation is based on observable inputs.
\nLevel (L) 3 - fair value is estimated using the discounted cash flow valuation technique and the valuation is based on non-observable inputs.
\nIn thousands of euros
\n31.12.2022
\n31.12.2021
\n
\nCarrying value
\nFair value
\nL
\nCarrying value
\nFair value
\nL
\nAssets
\n
\n
\n
\n
\n
\n
\nCurrent assets
\n
\n
\n
\n
\n
\n
\nCash and cash equivalents
\n3,754
\n3,754
\n1
\n10,889
\n10,889
\n1
\nTrade and other receivables
\n1,731
\n1,731
\n3
\n652
\n652
\n3
\nCurrent loan receivables
\n0
\n0
\n3
\n2,388
\n2,388
\n3
\nInventories
\n69,760
\n74,053
\n3
\n37,237
\n38,789
\n3
\nTotal current assets
\n75,245
\n79,538
\n
\n51,166
\n52,718
\n
\nNon-current assets
\n
\n
\n
\n
\n
\n
\nProperty, plant and equipment
\n232
\n232
\n3
\n229
\n229
\n3
\nIntangible assets
\n7
\n7
\n3
\n0
\n0
\n3
\nFinancial investments
\n2
\n402
\n3
\n402
\n402
\n3
\nInvestments in associated
\ncompanies
\n1,086
\n1,086
\n3
\n0
\n0
\n3
\nNon-current loans
\n1,766
\n1,766
\n3
\n3,408
\n3,408
\n3
\nOther non-current receivables
\n30
\n30
\n3
\n140
\n140
\n3
\nTotal non-current assets
\n3,123
\n3,123
\n
\n4,179
\n4,179
\n
\nTotal assets
\n78,368
\n82,661
\n
\n55,345
\n56,897
\n
\nLiabilities and equity
\n
\n
\n
\n
\n
\n
\nCurrent liabilities
\n
\n
\n
\n
\n
\n
\nLoans and borrowings
\n22,565
\n22,565
\n3
\n5,501
\n5,501
\n3
\nCurrent lease liabilities
\n46
\n46
\n3
\n123
\n123
\n3
\nPrepayments from customers
\n3,054
\n3,054
\n3
\n1,164
\n1,164
\n3
\nTrade and other payables
\n4,007
\n4,007
\n3
\n5,539
\n5,539
\n3
\nTotal current liabilities
\n29,672
\n29,672
\n
\n12,327
\n12,327
\n
\nNon-current liabilities
\n
\n
\n
\n
\n
\n
\nLoans and borrowings
\n26,015
\n26,015
\n3
\n22,862
\n22,862
\n3
\nNon-current lease liabilities
\n68
\n68
\n3
\n66
\n66
\n3
\nOther non-current liabilities
\n2,290
\n2,290
\n3
\n1,053
\n1,053
\n3
\nTotal non-current liabilities
\n28,373
\n28,373
\n
\n23,981
\n23,981
\n
\nTotal liabilities
\n58,045
\n58,045
\n
\n36,308
\n36,308
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag200": {
"value": "\n1.20. Employee benefits (IAS 19)
\nThe Group operates only short-term employee benefits (expected to be settled wholly before twelve months after the end of the reporting
\nperiod in which the employees render services) such as salaries, and social security contribution; paid annual leave and sick leave; and bonuses.
\nThere are no special benefits, share-based payments or share options granted for the Group employees during the reporting periods or
\nsubsequent to the last statement of financial position date 31 December 2022.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag202": {
"value": "\n1.21. Related parties (IAS 24)
\nA related party is a person or entity that is related to the entity that is preparing its financial statements. A related party transaction is a transfer
\nof resources, services, or obligations between a reporting entity and a related party, regardless of whether a price is charged. Such transactions
\ncould have an effect on the profit or loss and financial position of the Group. For this reason, knowledge of the Group\u2019s transactions, outstanding
\nbalances, including commitments, and relationships with related parties may affect assessments of its operations by users of financial
\nstatements, including assessments of the risks and opportunities facing the Group.
\nRelationships between a parent and its subsidiaries are disclosed irrespective of whether there have been transactions between them. The
\nGroup discloses the related party relationship when control exists, irrespective of whether there have been transactions between the related
\nparties.
\nThe Group considers key members of the management (supervisory and management board), their close relatives and entities under their
\ncontrol or significant influence as well as associated companies as related parties.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag210": {
"value": "\n1.22. Earnings per share (IAS 33)
\nBasic earnings per share is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted
\naverage number of shares outstanding during the year. Diluted earnings per share is calculated by dividing the profit attributable to equity
\nholders of the parent (after adjusting for interest on the convertible preference shares) by the weighted average number of shares outstanding
\nduring the year plus the weighted average number of shares that would be issued on conversion of all the dilutive potential shares into shares.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag187": {
"value": "\n1.23. Events after the reporting period (IAS 10)
\nEvents after the reporting period are those events, favourable and unfavourable, that occur between the end of the reporting period and the
\ndate when the financial statements are authorized for issue. Events after the reporting period are those that provide evidence of conditions
\nthat existed at the end of the reporting period (adjusting events after the reporting period) and those that are indicative of conditions that arose
\nafter the reporting period (non-adjusting events after the reporting period).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag215": {
"value": "\nNote 2. Cash and cash equivalents
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nBank accounts
\n3,754
\n10,889
\nTotal cash and cash equivalents
\n3,754
\n10,889
\n
\nAll cash and cash equivalents are in euros.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag198": {
"value": "\n
\n\nNote 3. Trade and other receivables
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\n
\n
\n
\nTrade receivables
\n718
\n86
\nAllowance for doubtful receivables (Note 22)
\n-10
\n-6
\nNet trade receivables
\n708
\n80
\n
\n
\n
\nPrepayments
\n
\n
\nTax prepayments
\n318
\n382
\nValue added tax
\n317
\n382
\n Other taxes
\n1
\n0
\nOther prepayments for goods and services
\n279
\n146
\nTotal prepayments
\n597
\n528
\n
\n
\n
\nOther current receivables
\n
\n
\nInterest receivables (Note 27)
\n1
\n33
\nOther current receivables
\n20
\n11
\nEscrow account
\n405
\n0
\nTotal other current receivables
\n426
\n44
\n
\n
\n
\nTotal trade and other receivables
\n1,731
\n652
\n
\n\n
\n\nNote 8. Other non-current receivables
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nInterest receivables (Note 27)
\n30
\n140
\nTotal
\n30
\n140
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag208": {
"value": "\nNote 3. Trade and other receivables
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\n
\n
\n
\nTrade receivables
\n718
\n86
\nAllowance for doubtful receivables (Note 22)
\n-10
\n-6
\nNet trade receivables
\n708
\n80
\n
\n
\n
\nPrepayments
\n
\n
\nTax prepayments
\n318
\n382
\nValue added tax
\n317
\n382
\n Other taxes
\n1
\n0
\nOther prepayments for goods and services
\n279
\n146
\nTotal prepayments
\n597
\n528
\n
\n
\n
\nOther current receivables
\n
\n
\nInterest receivables (Note 27)
\n1
\n33
\nOther current receivables
\n20
\n11
\nEscrow account
\n405
\n0
\nTotal other current receivables
\n426
\n44
\n
\n
\n
\nTotal trade and other receivables
\n1,731
\n652
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag192": {
"value": "\nNote 4. Inventories
\nInventories are accounted as ready for sale development projects once the project has been granted usage permit.
\nAs of 31 December 2022, usage permits have been issued for the 30 Ulbrokas, 4b Str\u0113lnieku development projects in Riga, and a
\npartial usage permit has been issued for the Meister 14 development project in Tallinn.
\nAs at 31 December 2022 the Group had 26 (31 December 2021: 45) unsold apartments, including 8 apartments in Tallinn, Paev\u00e4lja
\n11 development project 8 and 18 apartmets in Riga, 4b Str\u0113lnieku development project.
\nAs at 31 December 2022 changes in inventories as stated in cash flow statements have been adjusted by loan interest expense,
\nwhich are capitalised in the amount of 1,842 thousand euros (31 December 2021: 1,518 thousand euros). Further information
\nabout paid interests is provided in the note 24.
\n
\n\nin thousands of euros
\n
\n
\n31.12.2022
\n31.12.2021
\nWork in progress
\n
\n
\n
\n
\n
\n
\n
\nAddress
\nProject company
\nLocation
\nSegment
\nAcquisition
\ncost
\nProject
\nstatus
\nAcquisition
\ncost
\nProject
\nstatus
\nPirita Road 26b, Tallinn
\nHepsor P26B O\u00dc
\nEstonia
\nResidential
\n0
\n-
\n13
\nE
\n Paev\u00e4lja 11, Tallinn
\nHepsor PV11 O\u00dc
\nEstonia
\nResidential
\n909
\nE
\n0
\n-
\nPaev\u00e4lja 11, Tallinn
\nHepsor PV11 O\u00dc
\nEstonia
\nResidential
\n5,585
\nD
\n2,965
\nD
\nPaldiski mnt 227c, Tallinn
\nHepsor 3Torni O\u00dc
\nEstonia
\nResidential
\n3,482
\nD
\n2,517
\nC
\nNarva mnt 150,150a,150b
\nTallinn
\nHepsor N450 O\u00dc
\nEstonia
\nResidential/
\nCommercial
\n3,609
\nA
\n3,582
\nA
\n Manufaktuuri 5, Tallinn
\nHepsor Phoenix 3 O\u00dc
\nEstonia
\nResidential/
\nCommercial
\n4,168
\nB
\n3,268
\nB
\n Manufaktuuri 7, Tallinn
\nHepsor Phoenix 2 O\u00dc
\nEstonia
\nResidential/
\nCommercial
\n3,018
\nC
\n2,303
\nB
\n Tooma 2/Tooma 4 Tallinn
\nT2T4 O\u00dc
\nEstonia
\nCommercial
\n1,248
\nC
\n1,159
\nC
\nLembitu 4, Tallinn
\nHepsor L4 O\u00dc
\nEstonia
\nCommercial
\n2,954
\nC
\n2,811
\nC
\nMeistri 14, Tallinn
\nHepsor M14 O\u00dc
\nEstonia
\nCommercial
\n3,193
\nD
\n5,765
\nD
\nAlvari 2/Paev\u00e4lja 9, Tallinn
\nHepsor Fortuuna O\u00dc
\nEstonia
\nResidential
\n1,657
\nA
\n1,656
\nA
\nAlvari 1, Tallinn
\nHepsor A1 O\u00dc
\nEstonia
\nResidential
\n2,023
\nA
\n1,004
\nA
\nKadaka Road 197, Tallinn
\nH&R Residentsid O\u00dc
\nEstonia
\nResidential
\n1,168
\nA
\n614
\nA
\nManufaktuuri 12, Tallinn
\nHepsor Phoenix 4 O\u00dc
\nEstonia
\nResidential
\n843
\nA
\n0
\n-
\nN\u00f5mme Road 57, Tallinn
\nHepsor N57 O\u00dc
\nEstonia
\nResidential
\n1,704
\nC
\n0
\n-
\nBalozu 9, Riga
\nHepsor Bal9 SIA
\nLatvia
\nResidential
\n0
\n-
\n1,770
\nD
\n Saules aleja 2, Riga
\nHepsor SA2 SIA
\nLatvia
\nResidential
\n886
\nB
\n957
\nB
\nLiela 45, Marupe
\nHepsor Marupe SIA
\nLatvia
\nResidential
\n7,766
\nD
\n663
\nC
\nRanka Dambis 5, Riga
\nHepsor RD5 SIA
\nLatvia
\nResidential
\n416
\nB
\n354
\nB
\nUlbrokas 30, Riga
\nHepsor U30 SIA
\nLatvia
\nCommercial
\n0
\n-
\n1,485
\nD
\nUlbrokas 34, Riga
\nHepsor U34 SIA
\nLatvia
\nCommercial
\n1,128
\nB
\n1,019
\nB
\nBraila 23, Riga
\nHepsor Jugla SIA
\nLatvia
\nResidential
\n314
\nB
\n0
\n-
\nGregora iela 2a, Riga
\nHepsor Kvarta SIA
\nLatvia
\nResidential
\n10,125
\nD
\n0
\n-
\nGanibu Dambis 17a, Riga
\nHepsor Ganibu Dambis
\nSIA
\nLatvia
\nCommercial
\n3,918
\nA
\n0
\n-
\nJurmala Gatve, Riga
\nHepsor JG SIA
\nLatvia
\nResidential
\n360
\nB
\n0
\n-
\n-other properties
\n
\nEstonia
\n
\n18
\nA
\n21
\nA
\nTotal work in progress
\n
\n
\n
\n60,492
\n
\n33,926
\n
\nFinished real estate
\ndevelopment
\n
\n
\n
\n
\n
\n
\n
\nMeistri 14, Tallinn
\nHepsor Meistri 14 O\u00dc
\nEstonia
\nCommercial
\n4,026
\nE
\n0
\n-
\n Manufaktuuri 22, Tallinn
\n(parkimiskohad)
\nHepsor Phoenix O\u00dc
\nEstonia
\nResidential
\n16
\nE
\n16
\nE
\n\u0100genskalna 24, Riga
\nHepsor Agen24 SIA
\nLatvia
\nResidential
\n0
\n-
\n50
\nE
\n Str\u0113lnieku 4b, Riga
\nHepsor S4B SIA
\nLatvia
\nResidential
\n1,106
\nE
\n3,245
\nE
\nUlbrokas 30, Riga
\nHepsor U30 SIA
\nLatvia
\nCommercial
\n4,120
\nE
\n0
\n-
\nTotal finished real estate
\ndevelopment
\n
\n
\n
\n9,268
\n
\n3,311
\n
\nTotal inventories
\n
\n
\n
\n69,760
\n
\n37,237
\n
\n\nProject statuses are classified as following:
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nChange %
\nA \u2013 planning proceedings
\n13,236
\n6,877
\n92
\nB \u2013 building permit proceedings
\n7,272
\n7,901
\n-8
\nC \u2013 building permit available / construction has not yet started
\n8,924
\n7,150
\n25
\nD \u2013 construction started / sale started
\n30,151
\n11,985
\n152
\nE \u2013 construction ready for sale
\n10,177
\n3,324
\n206
\nTotal inventories
\n69,760
\n37,237
\n87
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag219": {
"value": "Estonia",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag138": {
"value": "\n
\nNote 5. Property, plant and equipment
\n\nin thousands of euros
\nBuildings and
\nstructures
\nMachinery and
\nequipment
\nOther items
\nTotal
\n2022
\n
\n
\n
\n
\nCost at 31.12.2021
\n248
\n23
\n135
\n406
\nAccumulated depreciation at 31.12.2021
\n-79
\n-6
\n-92
\n-177
\nCarrying amount at 31.12.2021
\n169
\n17
\n43
\n229
\nNew lease contracts
\n0
\n58
\n0
\n58
\nAcquisition
\n76
\n0
\n24
\n100
\nDepreciation
\n-113
\n-12
\n-23
\n-148
\nTermination of lease contracts
\n-78
\n0
\n0
\n-78
\nWrite-off of accumulated depreciation from terminations of lease
\ncontracts
\n78
\n0
\n0
\n78
\nWrite-off of acquisition cost
\n0
\n0
\n-6
\n-6
\nWrite-off of accumulated depreciation
\n0
\n0
\n6
\n6
\nAcquisition cost of property, plant and equipment sold
\n0
\n-23
\n0
\n-23
\nAccumulated depreciation of property, plant and equipment sold
\n0
\n16
\n0
\n16
\nCost at 31.12.2022
\n246
\n58
\n153
\n457
\nAccumulated depreciation at 31.12.2022
\n-114
\n-2
\n-109
\n-225
\nCarrying amount at 31.12.2022
\n132
\n56
\n44
\n232
\n2021
\n
\n
\n
\n
\nCost at 31.12.2020
\n581
\n79
\n135
\n795
\nAccumulated depreciation at 31.12.2020
\n-186
\n-52
\n-65
\n-303
\nCarrying amount at 31.12.2020
\n395
\n27
\n70
\n492
\nNew lease contracts
\n78
\n0
\n0
\n78
\nDepreciation
\n-120
\n-10
\n-27
\n-157
\nTermination of lease contracts
\n-411
\n-56
\n0
\n-467
\nWrite-off of accumulated depreciation from terminations of lease
\ncontracts
\n227
\n56
\n0
\n283
\nCost at 31.12.2021
\n248
\n23
\n135
\n406
\nAccumulated depreciation at 31.12.2021
\n-79
\n-6
\n-92
\n-177
\nCarrying amount at 31.12.2021
\n169
\n17
\n43
\n229
\n
\n\n
\n\nThe lease agreement of an office in Riga is recorded in the asset class of buildings and structures. The term of the lease agreement
\nfor the Riga office is 2024. In Riga the Group subleases assets under operating leases to a related party. In 2022, the income from
\nrent amounted to 20 thousand euros (2021: 19 thousand euros). Sublease of the operating lease is recorded in a simplified manner
\nas other operating income and other operating expenses (note 22).
\nIn 2022, the Group bought a car with a lease agreement. The asset is recorded in the machinery and equipment asset class.
\nInformation on lease liabilities and payments are presented in note 11.
\nIn 2022, 25 thousand euros were received from the sale of machines and equipment.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag120": {
"value": "\nin thousands of euros
\nBuildings and
\nstructures
\nMachinery and
\nequipment
\nOther items
\nTotal
\n2022
\n
\n
\n
\n
\nCost at 31.12.2021
\n248
\n23
\n135
\n406
\nAccumulated depreciation at 31.12.2021
\n-79
\n-6
\n-92
\n-177
\nCarrying amount at 31.12.2021
\n169
\n17
\n43
\n229
\nNew lease contracts
\n0
\n58
\n0
\n58
\nAcquisition
\n76
\n0
\n24
\n100
\nDepreciation
\n-113
\n-12
\n-23
\n-148
\nTermination of lease contracts
\n-78
\n0
\n0
\n-78
\nWrite-off of accumulated depreciation from terminations of lease
\ncontracts
\n78
\n0
\n0
\n78
\nWrite-off of acquisition cost
\n0
\n0
\n-6
\n-6
\nWrite-off of accumulated depreciation
\n0
\n0
\n6
\n6
\nAcquisition cost of property, plant and equipment sold
\n0
\n-23
\n0
\n-23
\nAccumulated depreciation of property, plant and equipment sold
\n0
\n16
\n0
\n16
\nCost at 31.12.2022
\n246
\n58
\n153
\n457
\nAccumulated depreciation at 31.12.2022
\n-114
\n-2
\n-109
\n-225
\nCarrying amount at 31.12.2022
\n132
\n56
\n44
\n232
\n2021
\n
\n
\n
\n
\nCost at 31.12.2020
\n581
\n79
\n135
\n795
\nAccumulated depreciation at 31.12.2020
\n-186
\n-52
\n-65
\n-303
\nCarrying amount at 31.12.2020
\n395
\n27
\n70
\n492
\nNew lease contracts
\n78
\n0
\n0
\n78
\nDepreciation
\n-120
\n-10
\n-27
\n-157
\nTermination of lease contracts
\n-411
\n-56
\n0
\n-467
\nWrite-off of accumulated depreciation from terminations of lease
\ncontracts
\n227
\n56
\n0
\n283
\nCost at 31.12.2021
\n248
\n23
\n135
\n406
\nAccumulated depreciation at 31.12.2021
\n-79
\n-6
\n-92
\n-177
\nCarrying amount at 31.12.2021
\n169
\n17
\n43
\n229
\n
\n\nin thousands of euros
\nLicenses and software
\n
\n
\nCarrying amount at 31.12.2021
\n0
\nAcquisition
\n8
\nDepreciation
\n-1
\nCost at 31.12.2022
\n8
\nAccumulated depreciation at 31.12.2022
\n-1
\nCarrying amount at 31.12.2022
\n7
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag117": {
"value": "\n
\n\n
\nNote 6. Intangible assets
\n\nin thousands of euros
\nLicenses and software
\n
\n
\nCarrying amount at 31.12.2021
\n0
\nAcquisition
\n8
\nDepreciation
\n-1
\nCost at 31.12.2022
\n8
\nAccumulated depreciation at 31.12.2022
\n-1
\nCarrying amount at 31.12.2022
\n7
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag122": {
"value": "\n
\nNote 6. Intangible assets
\n\nin thousands of euros
\nLicenses and software
\n
\n
\nCarrying amount at 31.12.2021
\n0
\nAcquisition
\n8
\nDepreciation
\n-1
\nCost at 31.12.2022
\n8
\nAccumulated depreciation at 31.12.2022
\n-1
\nCarrying amount at 31.12.2022
\n7
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag116": {
"value": "\nNote 7. Financial investments
\nTatari 6A Arenduse O\u00dc, where the Group holds 80% shareholding, is accounted as financial investment. The Group is providing
\nmanagement services for the project. In order to ensure the quality and control of the management process, the Group will hold
\nan 80% shareholding in the company during the development period, which will be transferred to the co-owner at the end of the
\ndevelopment process. The Group has no profit share in the project. The acquisition value of the financial investment is 2 thousand
\neuros.
\nHepsor Latvia O\u00dc signed a sales-purchase agreement on 15 December 2021 to acquire 100% of Latvian company Hepsor Jugla SIA
\n(previously Brofits SIA).The acquisition cost was 400 thousand euros. The holding was not consolidated since the Group lacked
\nsufficient control over Hepsor Julga SIA as stated by the management of the Group and the transaction was formalized only in the
\nbeginning of 2022, then as of 31 December 2021, the purchase of the company is recorded as a financial investment, and from
\nJanuary 2022, Hepsor Jugla SIA belongs to the Hepsor AS consolidation group.
\n
\n\nNote 9. Loans granted
\nin thousands of euros
\nOwner of non-
\ncontrolling
\ninterest
\nUnrelated
\nlegal entities
\nAssociates
\nRelated legal
\nentities
\nTotal
\n2022
\n
\n
\n
\n
\n
\nLoan balance as at 31.12.2021
\n
\n
\n
\n
\n
\n-current portion
\n2,109
\n0
\n279
\n0
\n2,388
\n-non-current portion
\n0
\n1,100
\n2,308
\n0
\n3,408
\nTotal loan balance as at 31.12.2021
\n2,109
\n1,100
\n2,587
\n0
\n5,796
\nLoan granted
\n0
\n0
\n0
\n176
\n176
\nLoan collected
\n-29
\n-1,100
\n-821
\n-176
\n-2,126
\nDivision of subsidiary
\n-2,080
\n0
\n0
\n0
\n-2,080
\nTotal loan balance as at 31.12.2022
\n0
\n0
\n1,766
\n0
\n1,766
\n-non-current portion
\n0
\n0
\n1,766
\n0
\n1,766
\ncontractual/effective interest rate per annum
\n0-3%
\n0%
\n7%
\n12%
\n
\n2021
\n
\n
\n
\n
\n
\nLoan balance as at 31.12.2020
\n
\n
\n
\n
\n
\n-current portion
\n720
\n56
\n0
\n0
\n776
\n-non-current portion
\n0
\n0
\n1,371
\n0
\n1,371
\nTotal loan balance as at 31.12.2020
\n720
\n56
\n1,371
\n0
\n2,147
\nLoan granted
\n2,109
\n1,044
\n1,216
\n0
\n4,369
\nDivision of subsidiary
\n-720
\n0
\n0
\n0
\n-720
\nTotal loan balance as at 31.12.2021
\n2,109
\n1,100
\n2,587
\n0
\n5,796
\n-current portion
\n2,109
\n0
\n279
\n0
\n2,388
\n-non-current portion
\n0
\n1,100
\n2,308
\n0
\n3,408
\ncontractual/effective interest rate per annum
\n0-3%
\n0%
\n7%
\n0
\n
\n
\nThe loan granted in 2021 to unrelated legal entities in the amount of 1,100 thousand euros was a loan to Kvarta Holding O\u00dc, in
\nJanuary 2022 Hepsor Latvia O\u00dc acquired a 50% shareholding in Kvarta Holding O\u00dc. As a result of the acquisition, Kvarta Holding
\nO\u00dc became a subsidiary of Hepsor Latvia O\u00dc.
\nIn December 2021, the shareholders of Hepsor P26b O\u00dc approved the resolution of division of the company, based on which in
\n2022 Hepsor P26b O\u00dc transferred assets to minority shareholders in the amount of 2,098 thousand euros. Of this, 2,080 thousand
\neuros as loan receivable. Additional information is available in Note 14.
\nAdditional information on transactions with related legal entities is provided in Note 32.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag126": {
"value": "\nNote 10. Loans and borrowings
\nin thousands of euros
\nBank loans
\nUnrelated legal
\nentities
\nRelated legal
\nentities
\nTotal
\n2022
\n
\n
\n
\n
\nLoan balance as of 31.12.2021
\n
\n
\n
\n
\n- current portion
\n2,821
\n2,680
\n0
\n5,501
\n- non-current portion
\n8,130
\n12,901
\n1,831
\n22,862
\nTotal loan balance as of 31.12.2021
\n10,951
\n15,581
\n1,831
\n28,363
\nReceived
\n27,655
\n3,773
\n464
\n31,892
\nRepaid
\n-8,287
\n-3,316
\n-69
\n-11,672
\nActual interest rate impact
\n-190
\n-247
\n75
\n-362
\nCompound interest rate
\n0
\n354
\n5
\n359
\nLoan balance as of 31.12.2022
\n30,129
\n16,145
\n2,306
\n48,580
\n- current portion
\n17,040
\n3,352
\n2,173
\n22,565
\n- non-current portion
\n13,089
\n12,793
\n133
\n26,015
\nContractual interest rate per annum
\n6M Euribor+3.75%-
\n8%; 5.5%
\n0-12%
\n3%-12%
\n
\nEffective interest rate per annum
\n7.6%-12.3%
\n5.3%-12.2%
\n12.2%
\n
\n2021
\n
\n
\n
\n
\nLoan balance as of 31.12.2020
\n
\n
\n
\n
\n- current portion
\n1,308
\n2,230
\n500
\n4,038
\n- non-current portion
\n3,397
\n8,585
\n140
\n12,122
\nTotal loan balance as of 31.12.2020
\n4,705
\n10,815
\n640
\n16,160
\nReceived
\n14,008
\n6,555
\n1,750
\n22,682
\nRepaid
\n-7,807
\n-2,084
\n-500
\n-10,479
\nActual interest rate impact
\n45
\n-172
\n-75
\n-202
\nCompound interest rate
\n0
\n467
\n16
\n483
\nLoan balance as of 31.12.2021
\n10,951
\n15,581
\n1,831
\n28,363
\n- current portion
\n2,821
\n2,680
\n0
\n5,501
\n- non-current portion
\n8,130
\n12,901
\n1,831
\n22,862
\nContractual interest rate per annum
\nEU6+5.85%-8%;
\n8.2%
\n0-12%
\n3%-12%
\n
\nEffective interest rate per annum
\n6.8%-11%
\n0-24%
\n3%-12%
\n
\n
\nAdditional information on transactions with related legal entities is provided in Note 32.
\nThe adjustment in change in inventories in the cash flow statement of the reporting period arising from capitalizing the actual
\ninterest rate impact on loans as part of the cost of the inventories amounted to 254 thousand euros (2021: 229 thousand euros)
\nand the adjustment in the interest paid due to the effect of actual and compound interest amounted to 360 thousand euros
\n(2021: 510 thousand euros). Additional information on cash flows is provided in Appendix 27.
\nIn March 2021, Hepsor AS signed a three-year 4-million-euro loan agreement with LHV Pank. In July the parties signed an
\naddendum to the loan agreement increasing the loan amount by 2 million euros to 6 million euros. The shares of Hepsor AS held
\nby the members of Management and Supervisory Board of the Group and the shares of Hepsor Finance O\u00dc were pledged as
\ncollateral to secure the loan. The loan agreement states two financial covenants that are measured quarterly:
\na) LHV Pank loan and equity ratio of maximum 55%,
\n
\n\nb) the ratio of loan commitment taken by the consolidation group to the total assets, cash and cash equivalents and
\ninvestments to property developments of the consolidation group is a maximum of 70% (seventy percent).
\nAs of 31 December 2022, 89% (31 December 2021: 86%) of all loans granted to the Group have been received against the risk of
\ndevelopment projects.
\nin thousands of euros
\nBank loans
\nUnrelated legal
\nentities
\nRelated legal entities
\nTotal
\nBalance as of 31.12.2022
\n
\n
\n
\n
\nLoans for development projects
\n24,635
\n16,145
\n2,306
\n43,086
\nLoans to headquarters to finance
\ndevelopment projects
\n5,494
\n0
\n0
\n5,494
\nTotal
\n30,129
\n16,145
\n2,306
\n48,580
\nBalance as of 31.12.2021
\n
\n
\n
\n
\nLoans for development projects
\n6,925
\n15,581
\n1,831
\n24,337
\nLoans to headquarters to finance
\ndevelopment projects
\n4,026
\n0
\n0
\n4,026
\nTotal
\n10,951
\n15,581
\n1,831
\n28,363
\n
\nAs of 31 December 2022, the Group had the following bank loans under the following conditions:
\n
\nLender
\nCountry
\nLoan
\nbalance
\nContract
\nterm
\nLoan
\nlimit
\nInterest per
\nannum
\nCollateral
\nCost value of
\nthe
\ncollateral
\nGuarantee
\ngiven
\nLHV Pank AS
\nEstonia
\n2,655
\n2023
\n8,605
\n6M Euribor+4.5%
\nMortgage - Paev\u00e4lja pst 11,
\nLageloo 3//5, Lageloo 7, Tallinn
\n6,495
\n-
\nLHV Pank AS
\nEstonia
\n4,483
\n2024
\n4,900
\n6M Euribor+3.75%
\nMortgage - Meistri 14, Tallinn
\n7,220
\n-
\nLHV Pank AS
\nEstonia
\n1,254
\n2025
\n1,300
\n6M Euribor+8%
\nMortgage - Lembitu 4, Tallinn
\n2,953
\n-
\nLHV Pank AS
\nEstonia
\n0
\n2025
\n13,900
\n6M Euribor+5.9%
\nMortgage - Paldiski mnt 227c,
\nTallinn
\n3,477
\n-
\nBigbank AS
\nLatvia
\n4,822
\n2025
\n7,000
\n5.5%
\nMortgage-Liela 45, M\u0101rupe
\n7,766
\n-
\nBigbank AS
\nLatvia
\n828
\n2024
\n1,225
\n6M Euribor+4.5%
\nCommercial pledge; Mortgage-
\nStr\u0113lnieku 4b, Riga
\n1,106
\n-
\nBigbank AS
\nLatvia
\n2,650
\n2024
\n2,650
\n5.5%
\nMortgage - Ulbrokas 30, Riga,
\nCommercial pledge
\n4,120
\n500
\nBigbank AS
\nLatvia
\n5,958
\n2025
\n7,500
\n5.5%
\nMortgage \u2013 Gregora 2a, Riga
\n10,125
\n423
\nBigbank AS
\nLatvia
\n1,985
\n2025
\n2,000
\n6M Euribor+4.5%
\nMortgage -Gan\u012bbu dambis 17A,
\nRiga; Commercial pledge
\n3,918
\n-
\n
\nAs of 31. December 2021, the Group had the following bank loans under the following conditions:
\n
\nLender
\nCountry
\nLoan
\nbalance
\nContract
\nterm
\nLoan
\nlimit
\nInterest per annum
\nCollateral
\nCost value of the
\ncollateral
\nLHV Pank AS
\nEstonia
\n1,285
\n2022
\n1,300
\n6M Euribor +8%
\nMortgage - Lembitu 4, Tallinn
\n2,811
\nLHV Pank AS
\nEstonia
\n562
\n2023
\n8,605
\n6M Euribor + 4.5%
\nMortgage - Paev\u00e4lja pst 11, Lageloo
\ntn 3 // 5, Lageloo tn 7, Tallinn
\n2,965
\nLHV Pank AS
\nEstonia
\n2,375
\n2024
\n3,115
\n6M Euribor + 4.75%
\nMortgage - Meistri 14, Tallinn
\n5,765
\nBigbank AS
\nLatvia
\n982
\n2023
\n1,150
\n6%
\nMortgage - Balo\u017eu 9, Riga
\n1,770
\nBigbank AS
\nLatvia
\n1,687
\n2024
\n2,500
\n6M Euribor + 4.5%
\nCommercial pledge; Mortgage -
\nStr\u0113lnieku 4b, Riga
\n3,245
\n
\nIn addition to bank loans, Hepsor N450 O\u00dc has a joint mortgage in the amount of 2.1 million euros as a loan collateral until the
\nloan obligation to unrelated legal entity has been fulfilled.
\nAdditional information on other guarantees given by the group is provided in Note 16.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag132": {
"value": "\nNote 11. Lease liabilities
\nin thousands of euros
\nRight to use lease
\nliabilities
\nFinance lease liabilities
\nTotal
\n2022
\n
\n
\n
\nBalance as at 31.12.2021
\n
\n
\n
\n- current portion
\n112
\n11
\n123
\n- non-current portion
\n61
\n5
\n66
\nTotal lease liabilities balance as at 31.12.2021
\n173
\n16
\n189
\nNew lease contracts
\n0
\n58
\n58
\nRepaid
\n-107
\n-26
\n-133
\nTotal lease liabilities balance as at 31.12.2022
\n66
\n48
\n114
\n- current portion
\n36
\n10
\n46
\n- non-current portion
\n30
\n38
\n68
\n2021
\n
\n
\n
\nBalance as at 31.12.2020
\n
\n
\n
\n- current portion
\n134
\n40
\n174
\n- non-current portion
\n267
\n0
\n267
\nTotal lease liabilities balance as at 31.12.2020
\n401
\n40
\n441
\nNew lease contracts
\n78
\n0
\n78
\nRepaid
\n-129
\n-15
\n-144
\nTermination of lease contracts
\n-177
\n-9
\n-186
\nTotal lease liabilities balance as at 31.12.2021
\n173
\n16
\n189
\n- current portion
\n112
\n11
\n123
\n- non-current portion
\n61
\n5
\n66
\nAdditional information on assets under finance and right to use leases is provided in Note 5.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag114": {
"value": "\nNote 12. Trade and other payables and prepayments
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nPrepayments from customers
\n3,054
\n1,164
\nTrade payables
\n1,906
\n1,506
\nTax payables
\n
\n
\nValue added tax
\n910
\n254
\nPersonal income tax
\n28
\n18
\nSocial security tax
\n51
\n33
\nOther taxes
\n5
\n5
\nTotal tax payables
\n994
\n310
\nAccrued expenses
\n
\n
\nPayables to employees
\n109
\n72
\nInterest payables (Note 27)
\n552
\n135
\nOther accrued expenses
\n35
\n29
\nTotal accrued expenses
\n696
\n236
\nOther current payables
\n
\n
\nEmbedded derivatives (Note 14)
\n8
\n2,115
\nOther payables
\n403
\n1,372
\nTotal other current payables
\n411
\n3,487
\nTotal trade and other payables
\n7,061
\n6,703
\nCustomer prepayments for apartments under contract under law of obligations and reservation agreements for apartments are
\nrecorded as customer prepayments.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag127": {
"value": "\n
\n\nNote 13. Other non-current liabilities
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\n
\n
\n
\nInterest payables (Note 27)
\n1,652
\n1,020
\nOther non-current payables
\n638
\n33
\nTotal other non-current liabilities
\n2,290
\n1,053
\n
\nOther non-current liabilities include the Group\u2019s commitment to finance the construction of kindergarten for the city of Tallinn at
\nthe Manufaktuuri Quarter development project. The liability in the amount of 624 thousand euros is measured in present value
\nusing 5% discount rate. As of 31 December 2022, the book value of the liability amounted to 566 thousand euros.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag115": {
"value": "\nNote 13. Other non-current liabilities
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\n
\n
\n
\nInterest payables (Note 27)
\n1,652
\n1,020
\nOther non-current payables
\n638
\n33
\nTotal other non-current liabilities
\n2,290
\n1,053
\n
\nOther non-current liabilities include the Group\u2019s commitment to finance the construction of kindergarten for the city of Tallinn at
\nthe Manufaktuuri Quarter development project. The liability in the amount of 624 thousand euros is measured in present value
\nusing 5% discount rate. As of 31 December 2022, the book value of the liability amounted to 566 thousand euros.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag134": {
"value": "\nNote 14. Embedded derivatives
\nLiabilities assumed by the Group to minority shareholders in accordance with the concluded shareholders\u2019 agreements are
\nrecognized as embedded derivatives. According to shareholders agreements the profit is shared with minority shareholders in
\nthe form as it is agreed in the agreement. As of the end of the reporting periods, upon partial or full realization of the business
\nplan of the development project, the Group had liabilities arising from embedded derivatives with regard to the following projects:
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nCurrent liabilities arising from embedded derivatives balance as at 01.01
\n2,115
\n1,022
\nSettlements with shareholder loan arising from the division agreement:
\n
\n
\nResidential development project in Pirita Road 26b, Tallinn (Note 9)
\n-2,080
\n0
\nResidential development project in Kadaka Road 141, Ehitajate Road 91/91a, Tallinn
\n0
\n-448
\nResidential development project in Valge 10/10a
\n0
\n-274
\nDividends paid
\n
\n
\nResidential development project M\u00f5igu Road 11, Rae
\n-37
\n0
\nTotal change in liabilities arising from embedded derivatives
\n-2,117
\n-722
\nChange in the value of the embedded derivative of the non-controlling interest during the reporting year
\n
\n
\nResidential development project in Pirita Road 26b, Tallinn
\n-17
\n-1,827
\nResidential development project in M\u00f5igu Road 11, Rae
\n35
\n12
\nCommercial development project in Meistri 14, Tallinn
\n-8
\n0
\nTotal change in the value of embedded derivatives of the non-controlling interest for the reporting year
\n10
\n-1,815
\nTotal current liabilities arising from embedded derivatives (Note 12)
\n8
\n2,115
\n
\nAccording to shareholders agreements the profit is shared with minority shareholders in the form as it is agreed in the agreement.
\nPursuant to the division agreement entered into between the shareholders of Hepsor P26b O\u00dc the loan granted by the Group to
\nthe shareholders was settled with the liability arising from embedded derivatives in the amount of 2,080 thousand euros. The
\nrelated expense in the amount of 17 thousand euros was recognized in other comprehensive income for 2022.
\nSubject to the resolution of the shareholders of Hepsor Peetri O\u00dc, the dividends in the amount of 29 thousand euros were paid
\nto the minority shareholder, from which income tax of 6 thousand euros was calculated and paid.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag112": {
"value": "\n
\n
\n\nNote 15. Equity
\nAccording to the articles of association of Hepsor AS, the minimum share capital of the company is 3 million euros and the
\nmaximum share capital is 12 million euros. As of 31 December 2022, the share capital of Hepsor AS was 3,855 thousand euros
\n(31.12.2021: 3,855 thousand euros).
\nAt the general meeting of shareholders on 9 August 2021, it was decided to transform the private limited company (O\u00dc) into a
\npublic limited company (AS) and to increase the share capital of the company. The shareholders decided to increase the share
\ncapital to 3 million euros at the expense of the share premium. After the share capital increase, the company had 3 million shares
\nwith a nominal value of 1 euro.
\nOn November 8, 2021, the general meeting of shareholders decided to list the shares of Hepsor AS on the main list of the Nasdaq
\nTallinn Stock Exchange and to issue up to 854,701 shares at an offer price of 11.70 euros, of which 1 euro was the nominal value
\nand 10.70 was the share premium. The Group's shares were listed on the main list of the Nasdaq Tallinn Stock Exchange on
\nNovember 26, 2021. Additional information on the number of shares is provided in the Note 26.
\n10 million euros were raised from investors through the issue and listing of shares. Expenses related to the issue and listing of
\nshares amounted to 650 thousand euros, of which expenses related to the listing of existing shares in the amount of 205 thousand
\neuros have been recognized through profit attributable to owners of the parent company and expenses related to the issue and
\nlisting of new shares amounted to 445 thousand euros through comprehensive income. Net cash flow from issuing shares was
\n9,555 thousand euros.
\n
\n\n\nIn 2022 Hepsor Peetri O\u00dc paid dividends to minority shareholders in the amount of 29 thousand euros (2021: 64 thousand euros).
\nIn January and August 2021 Hepsor AS paid dividends to shareholders in the amount of 188 thousand euros.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag135": {
"value": "\nNote 15. Equity
\nAccording to the articles of association of Hepsor AS, the minimum share capital of the company is 3 million euros and the
\nmaximum share capital is 12 million euros. As of 31 December 2022, the share capital of Hepsor AS was 3,855 thousand euros
\n(31.12.2021: 3,855 thousand euros).
\nAt the general meeting of shareholders on 9 August 2021, it was decided to transform the private limited company (O\u00dc) into a
\npublic limited company (AS) and to increase the share capital of the company. The shareholders decided to increase the share
\ncapital to 3 million euros at the expense of the share premium. After the share capital increase, the company had 3 million shares
\nwith a nominal value of 1 euro.
\nOn November 8, 2021, the general meeting of shareholders decided to list the shares of Hepsor AS on the main list of the Nasdaq
\nTallinn Stock Exchange and to issue up to 854,701 shares at an offer price of 11.70 euros, of which 1 euro was the nominal value
\nand 10.70 was the share premium. The Group's shares were listed on the main list of the Nasdaq Tallinn Stock Exchange on
\nNovember 26, 2021. Additional information on the number of shares is provided in the Note 26.
\n10 million euros were raised from investors through the issue and listing of shares. Expenses related to the issue and listing of
\nshares amounted to 650 thousand euros, of which expenses related to the listing of existing shares in the amount of 205 thousand
\neuros have been recognized through profit attributable to owners of the parent company and expenses related to the issue and
\nlisting of new shares amounted to 445 thousand euros through comprehensive income. Net cash flow from issuing shares was
\n9,555 thousand euros.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag121": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag113": {
"value": "\nIn 2022 Hepsor Peetri O\u00dc paid dividends to minority shareholders in the amount of 29 thousand euros (2021: 64 thousand euros).
\nIn January and August 2021 Hepsor AS paid dividends to shareholders in the amount of 188 thousand euros.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag130": {
"value": "\n
\n\nNote 16. Contingent liabilities
\n16.1. Contingent liabilities arising from embedded derivatives
\nIn accordance with the shareholders agreements between the Group and minority shareholders of subsidiaries (SPV\u2019s), the Group
\nhas an obligation as of 31 December 2022 to pay 12,904 thousand euros (31 December 2021: 7,501 thousand euros) to the
\nminority shareholders upon realization of the business plan. The obligations amounts are estimations calculated based on current
\nbusiness plans of the development projects as of statement of financial position dates. Contingent liabilities are estimated before
\nthe full realization of the development projects at each reporting date. As of 31 December 2022, the realization time of contingent
\nliabilities remains between 2023 and 2027.
\n16.2 Based on the investor agreement signed in December, 2022 regarding the 4b Str\u0113lnieku development project, the investor
\nwill be paid interest depending on how successful the project is upon its completion. In the opinion of the Group's management,
\nthere is certain uncertainty arising from the macroeconomic environment both in terms of the interest depending on the success
\nof the project and the time when the payment obligation arises, therefore it is not possible to reliably determine the amount of
\nthe interest obligation.
\n16.3. Group guarantees given
\nAdditional information on the guarantees given is provided in Note 10.
\nThe Group is obliged to provide warranty services during the warranty period. The Group has outsourced the provision of warranty
\nperiod services for general repairs of defects of real estate developed to contracted construction service partners.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag123": {
"value": "\nNote 16. Contingent liabilities
\n16.1. Contingent liabilities arising from embedded derivatives
\nIn accordance with the shareholders agreements between the Group and minority shareholders of subsidiaries (SPV\u2019s), the Group
\nhas an obligation as of 31 December 2022 to pay 12,904 thousand euros (31 December 2021: 7,501 thousand euros) to the
\nminority shareholders upon realization of the business plan. The obligations amounts are estimations calculated based on current
\nbusiness plans of the development projects as of statement of financial position dates. Contingent liabilities are estimated before
\nthe full realization of the development projects at each reporting date. As of 31 December 2022, the realization time of contingent
\nliabilities remains between 2023 and 2027.
\n16.2 Based on the investor agreement signed in December, 2022 regarding the 4b Str\u0113lnieku development project, the investor
\nwill be paid interest depending on how successful the project is upon its completion. In the opinion of the Group's management,
\nthere is certain uncertainty arising from the macroeconomic environment both in terms of the interest depending on the success
\nof the project and the time when the payment obligation arises, therefore it is not possible to reliably determine the amount of
\nthe interest obligation.
\n16.3. Group guarantees given
\nAdditional information on the guarantees given is provided in Note 10.
\nThe Group is obliged to provide warranty services during the warranty period. The Group has outsourced the provision of warranty
\nperiod services for general repairs of defects of real estate developed to contracted construction service partners.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag133": {
"value": "\nNote 17. Revenue
\nin thousands of euros
\n2022
\n2021
\nRevenue from sale of real estate
\n11,750
\n14,347
\nRevenue from project management services
\n145
\n227
\nRevenue from rent
\n771
\n312
\nRevenue from other services
\n204
\n75
\nTotal
\n12,870
\n14,961
\n
\nIn 2022, 9,878 thousand euros (2021: 12,769 thousand euros) were earned, which is 84% (2021: 89%) of real estate sales from
\nprivate clients.
\nIn 2022, 85 (2021: 94) apartments were sold, of which 45 in Latvia (2021: 11) and 40 in Estonia (2021: 83).
\nRevenue by geographical area:
\nin thousands of euros
\n2022
\n2021
\nEstonia
\n6,817
\n13,278
\nLatvia
\n6,053
\n1,683
\nTotal
\n12,870
\n14,961
\n
\nRevenue by operating segments:
\nin thousands of euros
\n2022
\n2021
\nResidential real estate
\n11,069
\n14,085
\nCommercial real estate
\n1,654
\n643
\nHeadquarters
\n147
\n233
\nTotal
\n12,870
\n14,961
\n
\nAdditional information on operating and geographical segments is provided in the Note 30.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag124": {
"value": "\n
\n\nNote 18. Cost of sales
\nin thousands of euros
\n2022
\n2021
\nCost of real estate sold
\n-9,165
\n-11,137
\nPersonnel expenses (Note 21)
\n-770
\n-444
\nInterest expenses (Note 24)
\n-218
\n-257
\nDepreciation
\n-32
\n-32
\nOther costs
\n-911
\n-32
\nTotal
\n-11,096
\n-11,902
\n
\n\n
\n\n
\n
\n
\n\nNote 19. Marketing expenses
\nin thousands of euros
\n2022
\n2021
\nPersonnel expenses (Note 21)
\n-117
\n-81
\nOther marketing expenses
\n-329
\n-190
\nTotal
\n-446
\n-271
\n
\n\n
\n\nNote 20. Administrative expenses
\nin thousands of euros
\n2022
\n2021
\nPersonnel expenses (Note 21)
\n-643
\n-383
\nDepreciation
\n-110
\n-125
\nTraveling and transport expenses
\n-49
\n-40
\nPurchased service expenses
\n-246
\n-347
\nOffice expenses
\n-45
\n-18
\nOther administrative expenses
\n-2
\n-29
\nTotal
\n-1,095
\n-942
\n
\n\n
\n\n
\n
\nNote 21. Personnel expenses
\nin thousands of euros
\n2022
\n2021
\nSalaries
\n-1,054
\n-680
\nSocial security and other payroll taxes
\n-476
\n-228
\nTotal (Notes 18, 19, 20)
\n-1,530
\n-908
\n
\n\nAs of 31 December 2022, the Group, together with the members of the Management Board and the Supervisory Board, had 25
\n(31.12.2021: 21) employees, of which 13 in Estonia (31.12.2021: 13) and 12 in Latvia (31.12.2021: 8).
\n
\n\n\nThe average number of employees of the Group in 2022 was 18 (2021: 13.8), of which 9 in Estonia (2021: 7.8) and 9 in Latvia
\n(2021: 6).
\n
\n\nNo special benefits, share-based payments or share options have been granted to the Group's employees, including key
\npersonnel. Key personnel include members of the Management Board and Supervisory Board of Hepsor AS and members of the
\nManagement Board of Hepsor Latvia O\u00dc.
\n
\n\n
\n\n
\n\n
\n\nOther operating expenses:
\nin thousands of euros
\n2022
\n2021
\nFines and compensations
\n-2
\n-17
\nCost of assigning the contractual claim
\n-3
\n-8
\nLoss on doubtful accounts receivable (Note 3)
\n-4
\n-6
\nSublease expenses (Note 5)
\n-20
\n-18
\nOther operating expenses
\n-39
\n0
\nTotal
\n-68
\n-49
\n
\n\n
\n\n
\n\n
\n\n
\n\nNote 24. Financial expenses
\nin thousands of euros
\n2022
\n2021
\nInterest expenses (Note 27)
\n-717
\n-434
\nLoss from associates of equity method
\n0
\n-2
\nFinancial expenses from discounting
\n-29
\n-14
\nOther financial expenses
\n-41
\n-62
\nTotal
\n-787
\n-512
\n
\nIn 2022 borrowing costs in the amount of 1,842 thousand euros 2021: 1,518 thousand euros) have been capitalized as the cost of
\ninventories (Note 4). Interest expenses of 218 thousand euros have been recognized in the cost of sales in 2022 (2021: 257
\nthousand euros) (Note 18).
\nThe interest rate used for discounting long-term financial receivables and liabilities is 5% per annum, which, according to the
\nmanagement, is the average interest rate that the Group should pay when borrowing.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag125": {
"value": "\nNote 18. Cost of sales
\nin thousands of euros
\n2022
\n2021
\nCost of real estate sold
\n-9,165
\n-11,137
\nPersonnel expenses (Note 21)
\n-770
\n-444
\nInterest expenses (Note 24)
\n-218
\n-257
\nDepreciation
\n-32
\n-32
\nOther costs
\n-911
\n-32
\nTotal
\n-11,096
\n-11,902
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag137": {
"value": "\nNote 19. Marketing expenses
\nin thousands of euros
\n2022
\n2021
\nPersonnel expenses (Note 21)
\n-117
\n-81
\nOther marketing expenses
\n-329
\n-190
\nTotal
\n-446
\n-271
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag128": {
"value": "\nNote 20. Administrative expenses
\nin thousands of euros
\n2022
\n2021
\nPersonnel expenses (Note 21)
\n-643
\n-383
\nDepreciation
\n-110
\n-125
\nTraveling and transport expenses
\n-49
\n-40
\nPurchased service expenses
\n-246
\n-347
\nOffice expenses
\n-45
\n-18
\nOther administrative expenses
\n-2
\n-29
\nTotal
\n-1,095
\n-942
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag118": {
"value": "\n
\n
\nNote 21. Personnel expenses
\nin thousands of euros
\n2022
\n2021
\nSalaries
\n-1,054
\n-680
\nSocial security and other payroll taxes
\n-476
\n-228
\nTotal (Notes 18, 19, 20)
\n-1,530
\n-908
\n
\n\nAs of 31 December 2022, the Group, together with the members of the Management Board and the Supervisory Board, had 25
\n(31.12.2021: 21) employees, of which 13 in Estonia (31.12.2021: 13) and 12 in Latvia (31.12.2021: 8).
\n
\n\n\nThe average number of employees of the Group in 2022 was 18 (2021: 13.8), of which 9 in Estonia (2021: 7.8) and 9 in Latvia
\n(2021: 6).
\n
\n\nNo special benefits, share-based payments or share options have been granted to the Group's employees, including key
\npersonnel. Key personnel include members of the Management Board and Supervisory Board of Hepsor AS and members of the
\nManagement Board of Hepsor Latvia O\u00dc.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag131": {
"value": "\nAs of 31 December 2022, the Group, together with the members of the Management Board and the Supervisory Board, had 25
\n(31.12.2021: 21) employees, of which 13 in Estonia (31.12.2021: 13) and 12 in Latvia (31.12.2021: 8).
\n
\n\nThe Group considers key members of the management (supervisory and management board), their close relatives and entities
\nunder their control or significant influence as well as associated companies as related parties.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag136": {
"value": "\nThe average number of employees of the Group in 2022 was 18 (2021: 13.8), of which 9 in Estonia (2021: 7.8) and 9 in Latvia
\n(2021: 6).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag119": {
"value": "\n
\n
\nNote 22. Other operating income and expenses
\n\nOther operating income
\nin thousands of euros
\n2022
\n2021
\nFines and compensations
\n4
\n16
\nIncome from government grants
\n0
\n21
\nIncome from sale of passthrough services (Note 5)
\n20
\n19
\nProfit from the sale of property, plant and equipment
\n18
\n0
\nOther operating income
\n28
\n27
\nTotal
\n70
\n83
\n
\n\n
\n\n
\n\nOther operating expenses:
\nin thousands of euros
\n2022
\n2021
\nFines and compensations
\n-2
\n-17
\nCost of assigning the contractual claim
\n-3
\n-8
\nLoss on doubtful accounts receivable (Note 3)
\n-4
\n-6
\nSublease expenses (Note 5)
\n-20
\n-18
\nOther operating expenses
\n-39
\n0
\nTotal
\n-68
\n-49
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag129": {
"value": "\nOther operating income
\nin thousands of euros
\n2022
\n2021
\nFines and compensations
\n4
\n16
\nIncome from government grants
\n0
\n21
\nIncome from sale of passthrough services (Note 5)
\n20
\n19
\nProfit from the sale of property, plant and equipment
\n18
\n0
\nOther operating income
\n28
\n27
\nTotal
\n70
\n83
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag152": {
"value": "\nOther operating expenses:
\nin thousands of euros
\n2022
\n2021
\nFines and compensations
\n-2
\n-17
\nCost of assigning the contractual claim
\n-3
\n-8
\nLoss on doubtful accounts receivable (Note 3)
\n-4
\n-6
\nSublease expenses (Note 5)
\n-20
\n-18
\nOther operating expenses
\n-39
\n0
\nTotal
\n-68
\n-49
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag147": {
"value": "\n
\n\n
\n
\n\n
\n\nNote 23. Financial income
\nin thousands of euros
\n2022
\n2021
\nInterest income (Note 27)
\n183
\n145
\nProfit from associates of equity method
\n1,086
\n0
\nOther financial income from financial investment
\n460
\n43
\nFinancial income from discounting
\n160
\n133
\nTotal
\n1,889
\n321
\n
\nIn 2022, the Group earned non-recurring financial income from waiver of minority shareholder\u2019s loan liability in the amount of
\n437 thousand euros. During the financial year, the Group earned profit of 566 thousand euros from Hepsor P113 O\u00dc and 520
\nthousand euros from Hepsor N170 O\u00dc, its associated companies, by using equity method of accounting.
\n
\n\n
\n\n
\n\n
\n\n
\n\nNote 24. Financial expenses
\nin thousands of euros
\n2022
\n2021
\nInterest expenses (Note 27)
\n-717
\n-434
\nLoss from associates of equity method
\n0
\n-2
\nFinancial expenses from discounting
\n-29
\n-14
\nOther financial expenses
\n-41
\n-62
\nTotal
\n-787
\n-512
\n
\nIn 2022 borrowing costs in the amount of 1,842 thousand euros 2021: 1,518 thousand euros) have been capitalized as the cost of
\ninventories (Note 4). Interest expenses of 218 thousand euros have been recognized in the cost of sales in 2022 (2021: 257
\nthousand euros) (Note 18).
\nThe interest rate used for discounting long-term financial receivables and liabilities is 5% per annum, which, according to the
\nmanagement, is the average interest rate that the Group should pay when borrowing.
\n
\n\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag146": {
"value": "\n
\n
\n\n
\n\nNote 23. Financial income
\nin thousands of euros
\n2022
\n2021
\nInterest income (Note 27)
\n183
\n145
\nProfit from associates of equity method
\n1,086
\n0
\nOther financial income from financial investment
\n460
\n43
\nFinancial income from discounting
\n160
\n133
\nTotal
\n1,889
\n321
\n
\nIn 2022, the Group earned non-recurring financial income from waiver of minority shareholder\u2019s loan liability in the amount of
\n437 thousand euros. During the financial year, the Group earned profit of 566 thousand euros from Hepsor P113 O\u00dc and 520
\nthousand euros from Hepsor N170 O\u00dc, its associated companies, by using equity method of accounting.
\n
\n\n
\n\n
\n\n
\n\n
\n\nNote 24. Financial expenses
\nin thousands of euros
\n2022
\n2021
\nInterest expenses (Note 27)
\n-717
\n-434
\nLoss from associates of equity method
\n0
\n-2
\nFinancial expenses from discounting
\n-29
\n-14
\nOther financial expenses
\n-41
\n-62
\nTotal
\n-787
\n-512
\n
\nIn 2022 borrowing costs in the amount of 1,842 thousand euros 2021: 1,518 thousand euros) have been capitalized as the cost of
\ninventories (Note 4). Interest expenses of 218 thousand euros have been recognized in the cost of sales in 2022 (2021: 257
\nthousand euros) (Note 18).
\nThe interest rate used for discounting long-term financial receivables and liabilities is 5% per annum, which, according to the
\nmanagement, is the average interest rate that the Group should pay when borrowing.
\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag140": {
"value": "\n
\n\nNote 23. Financial income
\nin thousands of euros
\n2022
\n2021
\nInterest income (Note 27)
\n183
\n145
\nProfit from associates of equity method
\n1,086
\n0
\nOther financial income from financial investment
\n460
\n43
\nFinancial income from discounting
\n160
\n133
\nTotal
\n1,889
\n321
\n
\nIn 2022, the Group earned non-recurring financial income from waiver of minority shareholder\u2019s loan liability in the amount of
\n437 thousand euros. During the financial year, the Group earned profit of 566 thousand euros from Hepsor P113 O\u00dc and 520
\nthousand euros from Hepsor N170 O\u00dc, its associated companies, by using equity method of accounting.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag141": {
"value": "\nNote 23. Financial income
\nin thousands of euros
\n2022
\n2021
\nInterest income (Note 27)
\n183
\n145
\nProfit from associates of equity method
\n1,086
\n0
\nOther financial income from financial investment
\n460
\n43
\nFinancial income from discounting
\n160
\n133
\nTotal
\n1,889
\n321
\n
\nIn 2022, the Group earned non-recurring financial income from waiver of minority shareholder\u2019s loan liability in the amount of
\n437 thousand euros. During the financial year, the Group earned profit of 566 thousand euros from Hepsor P113 O\u00dc and 520
\nthousand euros from Hepsor N170 O\u00dc, its associated companies, by using equity method of accounting.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag155": {
"value": "\n
\n\nNote 24. Financial expenses
\nin thousands of euros
\n2022
\n2021
\nInterest expenses (Note 27)
\n-717
\n-434
\nLoss from associates of equity method
\n0
\n-2
\nFinancial expenses from discounting
\n-29
\n-14
\nOther financial expenses
\n-41
\n-62
\nTotal
\n-787
\n-512
\n
\nIn 2022 borrowing costs in the amount of 1,842 thousand euros 2021: 1,518 thousand euros) have been capitalized as the cost of
\ninventories (Note 4). Interest expenses of 218 thousand euros have been recognized in the cost of sales in 2022 (2021: 257
\nthousand euros) (Note 18).
\nThe interest rate used for discounting long-term financial receivables and liabilities is 5% per annum, which, according to the
\nmanagement, is the average interest rate that the Group should pay when borrowing.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag150": {
"value": "\nNote 24. Financial expenses
\nin thousands of euros
\n2022
\n2021
\nInterest expenses (Note 27)
\n-717
\n-434
\nLoss from associates of equity method
\n0
\n-2
\nFinancial expenses from discounting
\n-29
\n-14
\nOther financial expenses
\n-41
\n-62
\nTotal
\n-787
\n-512
\n
\nIn 2022 borrowing costs in the amount of 1,842 thousand euros 2021: 1,518 thousand euros) have been capitalized as the cost of
\ninventories (Note 4). Interest expenses of 218 thousand euros have been recognized in the cost of sales in 2022 (2021: 257
\nthousand euros) (Note 18).
\nThe interest rate used for discounting long-term financial receivables and liabilities is 5% per annum, which, according to the
\nmanagement, is the average interest rate that the Group should pay when borrowing.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag145": {
"value": "\n
\n\nNote 25. Corporate income tax and deferred income tax
\nHistorically the Group has financed its development activity mainly from retained earnings and dividend payments have been
\nmade in minor amounts.
\nGroup\u2019s dividend policy considers Group\u2019s growth ambition, capital need for development projects, financial position, liquidity
\nratios of the Group and other factors. Based on the 2023 forecast the dividend payments are not expected as most of the Group\u2019s
\ndevelopment projects are in the active pipeline and need further investments. The Group reinvests all expected profits to further
\nsupport the Group\u2019s growth.
\nThe Group\u2019s deferred income tax liability is based on the profit or loss from subsidiaries with minority holding, and where the
\ndistribution of profit has not been agreed in the shareholders\u2019 agreement. If the parent company assesses that the dividend will
\nbe paid in the foreseeable future, the deferred income tax liability is measured to the extent of the planned dividend payment as
\nat the reporting date. The deferred income tax liability is reduced if the distribution of profit from the development project has
\nbeen agreed between the shareholders.
\nIn April 2021 the shareholders of Hepsor Peetri O\u00dc decided to pay out dividends to the minority holders in the amount of 64
\nthousand euros. Income tax expense on dividends paid amounted to 16 thousand euros and in 2022 in the amount of 29 thousand
\neuros, income tax expense on dividends paid amounted to 6 thousand euros.
\nin thousands of euros
\n2022
\n2021
\nCurrent income tax expense (Note 27)
\n-6
\n+16
\nDeferred income tax
\n
\n
\nDeferred income tax balance as at 01.01
\n0
\n60
\nDeferred income tax expense reduction (-)
\n0
\n-60
\nDeferred income tax balance as at 31.12
\n0
\n0
\nTotal income tax and deferred tax expense
\n-6
\n-16
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag139": {
"value": "\nNote 25. Corporate income tax and deferred income tax
\nHistorically the Group has financed its development activity mainly from retained earnings and dividend payments have been
\nmade in minor amounts.
\nGroup\u2019s dividend policy considers Group\u2019s growth ambition, capital need for development projects, financial position, liquidity
\nratios of the Group and other factors. Based on the 2023 forecast the dividend payments are not expected as most of the Group\u2019s
\ndevelopment projects are in the active pipeline and need further investments. The Group reinvests all expected profits to further
\nsupport the Group\u2019s growth.
\nThe Group\u2019s deferred income tax liability is based on the profit or loss from subsidiaries with minority holding, and where the
\ndistribution of profit has not been agreed in the shareholders\u2019 agreement. If the parent company assesses that the dividend will
\nbe paid in the foreseeable future, the deferred income tax liability is measured to the extent of the planned dividend payment as
\nat the reporting date. The deferred income tax liability is reduced if the distribution of profit from the development project has
\nbeen agreed between the shareholders.
\nIn April 2021 the shareholders of Hepsor Peetri O\u00dc decided to pay out dividends to the minority holders in the amount of 64
\nthousand euros. Income tax expense on dividends paid amounted to 16 thousand euros and in 2022 in the amount of 29 thousand
\neuros, income tax expense on dividends paid amounted to 6 thousand euros.
\nin thousands of euros
\n2022
\n2021
\nCurrent income tax expense (Note 27)
\n-6
\n+16
\nDeferred income tax
\n
\n
\nDeferred income tax balance as at 01.01
\n0
\n60
\nDeferred income tax expense reduction (-)
\n0
\n-60
\nDeferred income tax balance as at 31.12
\n0
\n0
\nTotal income tax and deferred tax expense
\n-6
\n-16
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag154": {
"value": "\nNote 26. Earnings per share
\nThe number of shares of Hepsor AS: 3,854,701 (EUR) * 1 (EUR) nominal value = 3,854,701 shares.
\n
\n2022
\n2021 adjusted
\nProfit for the year attributable to owners of the parent (thousands of euros)
\n1,396
\n-22
\nWeighted average number of ordinary shares (thousand pcs) (Note 1.3)
\n3,855
\n3,124
\nBasic earnings per share (euros)
\n0.36
\n-0.01
\nDiluted earnings per share (euros)
\n0.36
\n-0.01
\n
\nOn October 14, 2021, during the transformation of Hepsor private limited company (O\u00dc) into a public limited company (AS), the
\ncompany's share capital became 3 million euros, the nominal value of which was 1 euro per share. The company's share capital
\nwas increased at the expense of the share premium. The number of Hepsor AS shares was after the transformation: share capital
\n3,000,000 (EUR)/1 (EUR) nominal value = 3,000,000 shares.
\nOn November 8, 2021, the general meeting of shareholders decided to list the shares of Hepsor AS on the main list of the Nasdaq
\nTallinn Stock Exchange and to issue up to 854,701 shares at an offer price of 11.70 euros, of which 1 euro was the nominal value
\nand 10.70 was the share premium. The average number of ordinary shares in 2021 was 3,124,107 shares. Additional information
\non share capital is provided in the Note 15.
\nEarnings per share is calculated when profit for the year attributable to owners of the parent is divided by number of shares.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag142": {
"value": "\nNote 27. Information about line items in the consolidated statement of cash flows
\nin thousands of euros
\n2022
\n2021
\nInventories
\n
\n
\nReclassification of cash flows from financing activities to operating activities (Note 4)
\n
\n1,842
\n1,518
\nDecrease (-)/ increase (+) of change inventories balances (Note 4)
\n-32,523
\n-14,334
\nActual interest rate impact
\n-254
\n-229
\nChange in inventories
\n-30,935
\n-13,045
\n
\n
\n
\nCorporate income tax
\n
\n
\nIncome tax expense in statement of profit or loss and other comprehensive income (Note 25)
\n
\n-6
\n-16
\nDecrease (-)/ increase (+) of corporate income tax liability
\n0
\n-58
\nCorporate income tax paid
\n-6
\n-74
\n
\n
\n
\nInterest paid
\n
\n
\nInterest expense in statement of profit or loss and other comprehensive income (Note 24)
\n-717
\n-434
\nReclassification of cash flows from financing activities to operating activities (Note 24)
\n-1,842
\n-1,518
\nDecrease (-)/ increase (+) of interest payables (Notes 12,13)
\n1,049
\n591
\nActual and compound interest rate impact
\n360
\n510
\nInterest paid
\n-1,150
\n-851
\n
\n
\n
\nInterest received
\n
\n
\nInterest income in statement of profit or loss and other comprehensive income (Note 23)
\n183
\n145
\nDecrease (+)/increase (-) (Notes 3,8)
\n141
\n-128
\nInterest received
\n324
\n17
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag153": {
"value": "\n
\n\nNote 28. Shares of associates
\nAt the end of reporting periods, the Group has ownership in the following associates:
\n
\nOwnership and voting rights %
\n
\n31.12.2022
\n31.12.2021
\nHepsor P113 O\u00dc
\n45
\n45
\nHepsor N170 O\u00dc
\n25
\n25
\n
\nFinancial information about associates:
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\n
\nHepsor P113 O\u00dc
\nHepsor N170 O\u00dc
\nHepsor P113 O\u00dc
\nHepsor N170 O\u00dc
\nCurrent assets
\n
\n
\n
\n
\nCash and cash equivalents
\n919
\n2
\n218
\n373
\nTrade and other receivables
\n94
\n103
\n85
\n82
\nCurrent loan receivables
\n0
\n1,536
\n0
\n0
\nInventories
\n0
\n160
\n6,991
\n6,591
\nTotal current assets
\n1,013
\n1,801
\n7,294
\n7,046
\nNon-current assets
\n
\n
\n
\n
\nInvestment property
\n13,100
\n0
\n0
\n0
\nTrade and other receivables
\n297
\n0
\n0
\n0
\nTotal non-current assets
\n13,397
\n0
\n0
\n0
\nTotal assets
\n14,410
\n1,801
\n7,294
\n7,046
\nCurrent liabilities
\n
\n
\n
\n
\nLoans and borrowings
\n158
\n0
\n0
\n5,534
\nTrade and other payables
\n286
\n2
\n1,034
\n1,595
\nTotal current liabilities
\n444
\n2
\n1,034
\n7,129
\nNon-current liabilities
\n
\n
\n
\n
\nLoans and borrowings
\n12,165
\n0
\n6,198
\n0
\nOther non-current liabilities
\n228
\n0
\n147
\n0
\nTotal non-current liabilities
\n12,393
\n0
\n6,345
\n0
\nTotal liabilities
\n12,837
\n2
\n7,379
\n7,129
\nTotal equity
\n1,573
\n1,799
\n-85
\n-83
\nTotal liabilities and equity
\n14,410
\n1,801
\n7,294
\n7,046
\n
\nThe construction of commercial property development project by Hepsor P113 O\u00dc in Tallinn, P\u00e4rnu road 113 was completed in
\nthe fourth quarter of 2022. The occupancy of the office building is 100%. As of 31 December 2022, the building was reclassified
\nas an investment property. The investment property is recorded at fair value. The fair value measurement was conducted by
\nColliers International Advisors O\u00dc using the discounted cash flow method, the best method for income generating investment
\nproperty. The valuation is based on existing cash flows or cash flows based on market averages, the investment yield and the
\nappropriate discount rate, which takes into account the average expected yield of similar assets, taking into account the property's
\nlocation, technical condition, risk levels of tenants, etc. The valuation as at the end of 2022 was based on 6.3% yield and 7.7%
\ndiscount rate.
\nAs of 31 December 2022, all 76 apartments and commercial space of 1,488 sqm in the project of an apartment building with
\ncommercial space in Tallinn, Narva mnt 170 developed by Hepsor N170 O\u00dc have been sold under real right contracts.
\n
\n\n
\n\n
\n\nNote 29. Subsidiaries
\n
\nOwnership and voting rights %
\n
\n
\n
\n31.12.2022
\n31.12.2021
\nLocation
\nSegment
\nHepsor Finance O\u00dc
\n100
\n100
\nEstonia
\nHeadquarter
\nHepsor Tooma O\u00dc
\n100
\n100
\nEstonia
\nCommercial development
\nHepsor Kadaka O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor Phoenix O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor Peetri O\u00dc
\n100
\n68
\nEstonia
\nResidential development
\nHepsor V10 O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor Latvia O\u00dc
\n80
\n80
\nEstonia
\nHeadquarter
\nHepsor L4 O\u00dc
\n100
\n100
\nEstonia
\nCommercial development
\nHepsor P26 O\u00dc
\n100
\n51
\nEstonia
\nResidential development
\nT2T4 O\u00dc
\n50
\n50
\nEstonia
\nCommercial development
\nHepsor Phoenix 2 O\u00dc
\n50
\n50
\nEstonia
\nResidential/ Commercial development
\nHepsor Phoenix 3 O\u00dc
\n50
\n50
\nEstonia
\nResidential/ Commercial development
\nHepsor PV 11 O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor M14 O\u00dc
\n51
\n51
\nEstonia
\nCommercial development
\nHepsor 3Torni O\u00dc
\n51
\n51
\nEstonia
\nResidential development
\nHepsor N450 O\u00dc
\n100
\n100
\nEstonia
\nResidential/ Commercial development
\nH&R Residentsid O\u00dc
\n50
\n50
\nEstonia
\nResidential development
\nHepsor Fortuuna O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor A1 O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor Phoenix 4 O\u00dc
\n50
\n-
\nEstonia
\nResidential development
\nHepsor N57 O\u00dc
\n100
\n-
\nEstonia
\nResidential development
\nHepsor Kanada O\u00dc
\n100
\n-
\nEstonia
\nHeadquarter
\nHepsor Kvarta Holding O\u00dc
\n40
\n-
\nEstonia
\nHeadquarter
\nHepsor Bal 9 O\u00dc
\n57
\n57
\nEstonia
\nHeadquarter
\nHepsor Bal 9 SIA
\n57
\n57
\nLatvia
\nResidential development
\nHepsor Bal 7 SIA
\n100
\n100
\nLatvia
\nResidential development
\nHepsor Agen24 SIA
\n100
\n100
\nLatvia
\nResidential development
\nHepsor SIA
\n80
\n80
\nLatvia
\nHeadquarter
\nHepsor Marupe SIA
\n40
\n80
\nLatvia
\nResidential development
\nHepsor U30 SIA
\n80
\n80
\nLatvia
\nCommercial development
\nHepsor S4B SIA
\n100
\n100
\nLatvia
\nResidential/ Commercial development
\nHepsor SA2 SIA
\n41
\n41
\nLatvia
\nResidential development
\nHepsor RD 5 SIA
\n80
\n80
\nLatvia
\nResidential development
\nHepsor U34 SIA
\n56
\n56
\nLatvia
\nCommercial development
\nHepsor JG SIA
\n80
\n-
\nLatvia
\nResidential development
\nHepsor Jugla SIA
\n80
\n-
\nLatvia
\nResidential development
\nHepsor Ganibu Dambis SIA
\n80
\n-
\nLatvia
\nCommercial development
\nKvarta SIA
\n40
\n-
\nLatvia
\nResidential development
\n
\nSubsidiaries where the Group holds 50% ownership interest are consolidated based on, the assessment of the Management of
\nthe Group that the Group effectively controls the subsidiary by virtue of managing the real estate development projects and/or
\nthrough a shareholder agreement.
\n
\n\n
\n\n
\n\nIn 2022, the following changes took place in the structure of the Group:
\n\u2713 In February 2022, Hepsor Latvia O\u00dc sold its 50% shareholding in Hepsor Marupe SIA to the co-owners in accordance with the
\nshareholders\u2019 agreement. Hepsor Marupe SIA is developing a project with 92 apartments in Marupe, Latvia, near the Riga
\ncity boundary.
\n\u2713 In March 2022, Hepsor AS acquired a minority stake in Hepsor P26b O\u00dc and Hepsor Peetri O\u00dc increasing its stake in both
\ncompanies to 100%. The development projects of these entities ended in 2021.
\n\u2713 In January 2022, Hepsor Latvia O\u00dc acquired a 50% shareholding in Kvarta Holding O\u00dc in accordance with an option
\nagreement. Kvarta Holding O\u00dc owns a 100% shareholding in Kvarta SIA, which is developing Kuldigas Parks residential
\ndevelopment project with 116 apartments in Riga at Gregora 2a.
\n\u2713 In January Hepsor Latvia O\u00dc acquired a 100% shareholding in Hepsor Jugla SIA-s (former business name Brofits SIA). Hepsor
\n Jugla SIA is developing residential development with 100 apartments in Riga at Braila 23.
\n
\nPurchase price allocation as of 31 December 2021:
\n
\nin thousands of euros
\nHepsor Jugla SIA
\nKvarta Holding O\u00dc (consolidated)
\nAssets
\n
\n
\nCash and cash equivalents
\n0
\n290
\nTrade receivables and prepayments
\n0
\n315
\nInventories
\n240
\n3,108
\nTotal assets
\n240
\n3,713
\nLiabilities
\n
\n
\nTrade and other payables
\n1
\n639
\nLoans and borrowings
\n161
\n3,074
\nLoans and borrowings to Group company
\n-161
\n-1,100
\nTotal liabilities
\n1
\n2,613
\nNet assets
\n239
\n1,100
\nAcquisition cost
\n239
\n1,100
\nGoodwill
\n0
\n0
\n
\nThe acquisition cost of Kvarta Holding O\u00dc includes loan issued by Hepsor Latvia O\u00dc in the amount of 1,100 thousand euros.The
\npurchase price of shareholding in Hepsor Jugla SIA amounted to 239 thousand euros plus loan receivable in the amount of 161
\nthousand euros.
\nThe Group established 5 new real estate development companies in 2022:
\n\u2713 On 20 January 2022, Hepsor Latvia O\u00dc established Hepsor Ganibu Dambis SIA, a subsidiary that is developing a commercial
\nproperty project in Riga.
\n\u2713 On 8 July 2022, Hepsor Latvia O\u00dc established Hepsor JG SIA, a subsidiary that will develop a three-story A energy class
\nresidential building with 40 apartments at Jurmala Gatve street, Imanta district, Riga.
\n\u2713 On 24 August 2022, Hepsor AS established Hepsor Phoenix 4 O\u00dc, a subsidiary where the Group holds a 50% stake. Hepsor
\nPhoenix 4 O\u00dc acquired a property in Manufaktuuri Quarter to develop approximately 60 new apartments with its long-term
\ncooperation partner Tolaram Grupp.
\n\u2713 On 8 September 2022, Hepsor AS established Hepsor N57 O\u00dc to develop a residential building with 26 apartments on the
\nproperty at N\u00f5mme tee 57 in Tallinn.
\n\u2713 On 18 November 2022, Hepsor AS established a subsidiary Hepsor Kanada O\u00dc to start the process of establishing a subsidiary
\nin Canada.
\n
\n\n
\n\n
\n\nChanges in Group structure in 2022 and impact on comprehensive income and cash flows:
\n
\nin thousands of euros
\nOther comprehensive income
\nCash flows from investing
\nactivities
\n
\nComprehensive income
\nattributable to owners of the
\nparent
\nComprehensive income
\nattributable to non-
\ncontrolling interest
\nProceeds from sale of
\nsubsidiaries
\nChanges related to the change of
\nownership
\n
\n
\n
\nHepsor P26B O\u00dc
\n-85
\n85
\n-
\nHepsor Peetri O\u00dc
\n-10
\n10
\n-
\nHepsor M\u0101rupe SIA
\n-18
\n153
\n135
\nHepsor Ganibu Dambis SIA
\n-100
\n100
\n-
\nHepsor SIA
\n-100
\n100
\n-
\nHepsor Bal 9 SIA
\n68
\n-68
\n-
\nHepsor JG SIA
\n-16
\n16
\n-
\nHepsor U34 SIA
\n-28
\n28
\n
\nHepsor RD5 SIA
\n-16
\n16
\n
\nHepsor Jugla SIA
\n-129
\n-32
\n-
\nTotal
\n-434
\n408
\n135
\n
\nChanges in Group structure in 2021 and impact on comprehensive income and cash flows:
\n
\nin thousands of euros
\nCash flows from financing activities
\nCash flows from financing activities
\n
\nOwners of the parent
\nNon-controlling interest
\nNon-controlling interest
\ncontributions to share capital
\nReserves
\nContributions to equity
\n
\n
\n
\n
\nHepsor Latvia O\u00dc
\n0
\n10
\n10
\n190
\nHepsor U34 SIA
\n0
\n60
\n60
\n0
\nChanges related to the
\nchange of ownership
\n
\n
\n
\n
\nHepsor Kadaka O\u00dc
\n66
\n-66
\n-
\n-
\nHepsor Phoenix O\u00dc
\n-125
\n125
\n-
\n-
\nHepsor V10 O\u00dc
\n90
\n-90
\n-
\n-
\nHepsor Bal 9 O\u00dc
\n4
\n-4
\n-
\n-
\nHepsor Bal 9 SIA
\n1
\n-1
\n-
\n-
\nHepsor SA2 SIA
\n3
\n-3
\n-
\n-
\nHepsor Marupe SIA
\n1
\n-1
\n-
\n-
\nHepsor U30 SIA
\n1
\n-1
\n-
\n-
\nHepsor SIA
\n27
\n-27
\n-
\n-
\nTotal
\n68
\n2
\n70
\n190
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag148": {
"value": "\nNote 28. Shares of associates
\nAt the end of reporting periods, the Group has ownership in the following associates:
\n
\nOwnership and voting rights %
\n
\n31.12.2022
\n31.12.2021
\nHepsor P113 O\u00dc
\n45
\n45
\nHepsor N170 O\u00dc
\n25
\n25
\n
\nFinancial information about associates:
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\n
\nHepsor P113 O\u00dc
\nHepsor N170 O\u00dc
\nHepsor P113 O\u00dc
\nHepsor N170 O\u00dc
\nCurrent assets
\n
\n
\n
\n
\nCash and cash equivalents
\n919
\n2
\n218
\n373
\nTrade and other receivables
\n94
\n103
\n85
\n82
\nCurrent loan receivables
\n0
\n1,536
\n0
\n0
\nInventories
\n0
\n160
\n6,991
\n6,591
\nTotal current assets
\n1,013
\n1,801
\n7,294
\n7,046
\nNon-current assets
\n
\n
\n
\n
\nInvestment property
\n13,100
\n0
\n0
\n0
\nTrade and other receivables
\n297
\n0
\n0
\n0
\nTotal non-current assets
\n13,397
\n0
\n0
\n0
\nTotal assets
\n14,410
\n1,801
\n7,294
\n7,046
\nCurrent liabilities
\n
\n
\n
\n
\nLoans and borrowings
\n158
\n0
\n0
\n5,534
\nTrade and other payables
\n286
\n2
\n1,034
\n1,595
\nTotal current liabilities
\n444
\n2
\n1,034
\n7,129
\nNon-current liabilities
\n
\n
\n
\n
\nLoans and borrowings
\n12,165
\n0
\n6,198
\n0
\nOther non-current liabilities
\n228
\n0
\n147
\n0
\nTotal non-current liabilities
\n12,393
\n0
\n6,345
\n0
\nTotal liabilities
\n12,837
\n2
\n7,379
\n7,129
\nTotal equity
\n1,573
\n1,799
\n-85
\n-83
\nTotal liabilities and equity
\n14,410
\n1,801
\n7,294
\n7,046
\n
\nThe construction of commercial property development project by Hepsor P113 O\u00dc in Tallinn, P\u00e4rnu road 113 was completed in
\nthe fourth quarter of 2022. The occupancy of the office building is 100%. As of 31 December 2022, the building was reclassified
\nas an investment property. The investment property is recorded at fair value. The fair value measurement was conducted by
\nColliers International Advisors O\u00dc using the discounted cash flow method, the best method for income generating investment
\nproperty. The valuation is based on existing cash flows or cash flows based on market averages, the investment yield and the
\nappropriate discount rate, which takes into account the average expected yield of similar assets, taking into account the property's
\nlocation, technical condition, risk levels of tenants, etc. The valuation as at the end of 2022 was based on 6.3% yield and 7.7%
\ndiscount rate.
\nAs of 31 December 2022, all 76 apartments and commercial space of 1,488 sqm in the project of an apartment building with
\ncommercial space in Tallinn, Narva mnt 170 developed by Hepsor N170 O\u00dc have been sold under real right contracts.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag151": {
"value": "\nNote 29. Subsidiaries
\n
\nOwnership and voting rights %
\n
\n
\n
\n31.12.2022
\n31.12.2021
\nLocation
\nSegment
\nHepsor Finance O\u00dc
\n100
\n100
\nEstonia
\nHeadquarter
\nHepsor Tooma O\u00dc
\n100
\n100
\nEstonia
\nCommercial development
\nHepsor Kadaka O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor Phoenix O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor Peetri O\u00dc
\n100
\n68
\nEstonia
\nResidential development
\nHepsor V10 O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor Latvia O\u00dc
\n80
\n80
\nEstonia
\nHeadquarter
\nHepsor L4 O\u00dc
\n100
\n100
\nEstonia
\nCommercial development
\nHepsor P26 O\u00dc
\n100
\n51
\nEstonia
\nResidential development
\nT2T4 O\u00dc
\n50
\n50
\nEstonia
\nCommercial development
\nHepsor Phoenix 2 O\u00dc
\n50
\n50
\nEstonia
\nResidential/ Commercial development
\nHepsor Phoenix 3 O\u00dc
\n50
\n50
\nEstonia
\nResidential/ Commercial development
\nHepsor PV 11 O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor M14 O\u00dc
\n51
\n51
\nEstonia
\nCommercial development
\nHepsor 3Torni O\u00dc
\n51
\n51
\nEstonia
\nResidential development
\nHepsor N450 O\u00dc
\n100
\n100
\nEstonia
\nResidential/ Commercial development
\nH&R Residentsid O\u00dc
\n50
\n50
\nEstonia
\nResidential development
\nHepsor Fortuuna O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor A1 O\u00dc
\n100
\n100
\nEstonia
\nResidential development
\nHepsor Phoenix 4 O\u00dc
\n50
\n-
\nEstonia
\nResidential development
\nHepsor N57 O\u00dc
\n100
\n-
\nEstonia
\nResidential development
\nHepsor Kanada O\u00dc
\n100
\n-
\nEstonia
\nHeadquarter
\nHepsor Kvarta Holding O\u00dc
\n40
\n-
\nEstonia
\nHeadquarter
\nHepsor Bal 9 O\u00dc
\n57
\n57
\nEstonia
\nHeadquarter
\nHepsor Bal 9 SIA
\n57
\n57
\nLatvia
\nResidential development
\nHepsor Bal 7 SIA
\n100
\n100
\nLatvia
\nResidential development
\nHepsor Agen24 SIA
\n100
\n100
\nLatvia
\nResidential development
\nHepsor SIA
\n80
\n80
\nLatvia
\nHeadquarter
\nHepsor Marupe SIA
\n40
\n80
\nLatvia
\nResidential development
\nHepsor U30 SIA
\n80
\n80
\nLatvia
\nCommercial development
\nHepsor S4B SIA
\n100
\n100
\nLatvia
\nResidential/ Commercial development
\nHepsor SA2 SIA
\n41
\n41
\nLatvia
\nResidential development
\nHepsor RD 5 SIA
\n80
\n80
\nLatvia
\nResidential development
\nHepsor U34 SIA
\n56
\n56
\nLatvia
\nCommercial development
\nHepsor JG SIA
\n80
\n-
\nLatvia
\nResidential development
\nHepsor Jugla SIA
\n80
\n-
\nLatvia
\nResidential development
\nHepsor Ganibu Dambis SIA
\n80
\n-
\nLatvia
\nCommercial development
\nKvarta SIA
\n40
\n-
\nLatvia
\nResidential development
\n
\nSubsidiaries where the Group holds 50% ownership interest are consolidated based on, the assessment of the Management of
\nthe Group that the Group effectively controls the subsidiary by virtue of managing the real estate development projects and/or
\nthrough a shareholder agreement.
\n
\n\nIn 2022, the following changes took place in the structure of the Group:
\n\u2713 In February 2022, Hepsor Latvia O\u00dc sold its 50% shareholding in Hepsor Marupe SIA to the co-owners in accordance with the
\nshareholders\u2019 agreement. Hepsor Marupe SIA is developing a project with 92 apartments in Marupe, Latvia, near the Riga
\ncity boundary.
\n\u2713 In March 2022, Hepsor AS acquired a minority stake in Hepsor P26b O\u00dc and Hepsor Peetri O\u00dc increasing its stake in both
\ncompanies to 100%. The development projects of these entities ended in 2021.
\n\u2713 In January 2022, Hepsor Latvia O\u00dc acquired a 50% shareholding in Kvarta Holding O\u00dc in accordance with an option
\nagreement. Kvarta Holding O\u00dc owns a 100% shareholding in Kvarta SIA, which is developing Kuldigas Parks residential
\ndevelopment project with 116 apartments in Riga at Gregora 2a.
\n\u2713 In January Hepsor Latvia O\u00dc acquired a 100% shareholding in Hepsor Jugla SIA-s (former business name Brofits SIA). Hepsor
\n Jugla SIA is developing residential development with 100 apartments in Riga at Braila 23.
\n
\nPurchase price allocation as of 31 December 2021:
\n
\nin thousands of euros
\nHepsor Jugla SIA
\nKvarta Holding O\u00dc (consolidated)
\nAssets
\n
\n
\nCash and cash equivalents
\n0
\n290
\nTrade receivables and prepayments
\n0
\n315
\nInventories
\n240
\n3,108
\nTotal assets
\n240
\n3,713
\nLiabilities
\n
\n
\nTrade and other payables
\n1
\n639
\nLoans and borrowings
\n161
\n3,074
\nLoans and borrowings to Group company
\n-161
\n-1,100
\nTotal liabilities
\n1
\n2,613
\nNet assets
\n239
\n1,100
\nAcquisition cost
\n239
\n1,100
\nGoodwill
\n0
\n0
\n
\nThe acquisition cost of Kvarta Holding O\u00dc includes loan issued by Hepsor Latvia O\u00dc in the amount of 1,100 thousand euros.The
\npurchase price of shareholding in Hepsor Jugla SIA amounted to 239 thousand euros plus loan receivable in the amount of 161
\nthousand euros.
\nThe Group established 5 new real estate development companies in 2022:
\n\u2713 On 20 January 2022, Hepsor Latvia O\u00dc established Hepsor Ganibu Dambis SIA, a subsidiary that is developing a commercial
\nproperty project in Riga.
\n\u2713 On 8 July 2022, Hepsor Latvia O\u00dc established Hepsor JG SIA, a subsidiary that will develop a three-story A energy class
\nresidential building with 40 apartments at Jurmala Gatve street, Imanta district, Riga.
\n\u2713 On 24 August 2022, Hepsor AS established Hepsor Phoenix 4 O\u00dc, a subsidiary where the Group holds a 50% stake. Hepsor
\nPhoenix 4 O\u00dc acquired a property in Manufaktuuri Quarter to develop approximately 60 new apartments with its long-term
\ncooperation partner Tolaram Grupp.
\n\u2713 On 8 September 2022, Hepsor AS established Hepsor N57 O\u00dc to develop a residential building with 26 apartments on the
\nproperty at N\u00f5mme tee 57 in Tallinn.
\n\u2713 On 18 November 2022, Hepsor AS established a subsidiary Hepsor Kanada O\u00dc to start the process of establishing a subsidiary
\nin Canada.
\n
\n\nChanges in Group structure in 2022 and impact on comprehensive income and cash flows:
\n
\nin thousands of euros
\nOther comprehensive income
\nCash flows from investing
\nactivities
\n
\nComprehensive income
\nattributable to owners of the
\nparent
\nComprehensive income
\nattributable to non-
\ncontrolling interest
\nProceeds from sale of
\nsubsidiaries
\nChanges related to the change of
\nownership
\n
\n
\n
\nHepsor P26B O\u00dc
\n-85
\n85
\n-
\nHepsor Peetri O\u00dc
\n-10
\n10
\n-
\nHepsor M\u0101rupe SIA
\n-18
\n153
\n135
\nHepsor Ganibu Dambis SIA
\n-100
\n100
\n-
\nHepsor SIA
\n-100
\n100
\n-
\nHepsor Bal 9 SIA
\n68
\n-68
\n-
\nHepsor JG SIA
\n-16
\n16
\n-
\nHepsor U34 SIA
\n-28
\n28
\n
\nHepsor RD5 SIA
\n-16
\n16
\n
\nHepsor Jugla SIA
\n-129
\n-32
\n-
\nTotal
\n-434
\n408
\n135
\n
\nChanges in Group structure in 2021 and impact on comprehensive income and cash flows:
\n
\nin thousands of euros
\nCash flows from financing activities
\nCash flows from financing activities
\n
\nOwners of the parent
\nNon-controlling interest
\nNon-controlling interest
\ncontributions to share capital
\nReserves
\nContributions to equity
\n
\n
\n
\n
\nHepsor Latvia O\u00dc
\n0
\n10
\n10
\n190
\nHepsor U34 SIA
\n0
\n60
\n60
\n0
\nChanges related to the
\nchange of ownership
\n
\n
\n
\n
\nHepsor Kadaka O\u00dc
\n66
\n-66
\n-
\n-
\nHepsor Phoenix O\u00dc
\n-125
\n125
\n-
\n-
\nHepsor V10 O\u00dc
\n90
\n-90
\n-
\n-
\nHepsor Bal 9 O\u00dc
\n4
\n-4
\n-
\n-
\nHepsor Bal 9 SIA
\n1
\n-1
\n-
\n-
\nHepsor SA2 SIA
\n3
\n-3
\n-
\n-
\nHepsor Marupe SIA
\n1
\n-1
\n-
\n-
\nHepsor U30 SIA
\n1
\n-1
\n-
\n-
\nHepsor SIA
\n27
\n-27
\n-
\n-
\nTotal
\n68
\n2
\n70
\n190
\n
\n\n
\n\nNote 31. Non-controlling interest
\nAs of 31 December 2022, the Group had 21 (31.12.2021: 17) companies with non-controlling holding.
\nCompany
\nNon-controlling interest and voting rights at %
\nLocation
\nSegment
\n
\n31.12.2022
\n31.12.2021
\n
\n
\nHepsor Bal 9 O\u00dc
\n43
\n43
\nEstonia
\nHeadquarter
\nHepsor Bal9 SIA
\n43
\n43
\nLatvia
\nResidential development
\nHepsor Peetri O\u00dc
\n-
\n32
\nEstonia
\nResidential development
\nHepsor T2T4 O\u00dc
\n50
\n50
\nEstonia
\nCommercial development
\nHepsor P26B O\u00dc
\n-
\n49
\nEstonia
\nResidential development
\nHepsor Phoenix 2 O\u00dc
\n50
\n50
\nEstonia
\nResidential development
\nHepsor Phoenix 3 O\u00dc
\n50
\n50
\nEstonia
\nResidential development
\nHepsor M14 O\u00dc
\n49
\n49
\nEstonia
\nCommercial development
\nHepsor 3 Torni O\u00dc
\n49
\n49
\nEstonia
\nResidential development
\nHepsor SA2 SIA
\n59
\n59
\nLatvia
\nResidential development
\nHepsor Latvia O\u00dc
\n20
\n20
\nEstonia
\nHeadquarter
\nH&R Residentsid O\u00dc
\n50
\n50
\nEstonia
\nResidential development
\nHepsor U34 SIA
\n44
\n44
\nLatvia
\nCommercial development
\nHepsor RD5 SIA
\n20
\n20
\nLatvia
\nResidential development
\nHepsor U30 SIA
\n20
\n20
\nLatvia
\nCommercial development
\nHepsor SIA
\n20
\n20
\nLatvia
\nHeadquarter
\nHepsor Marupe SIA
\n60
\n20
\nLatvia
\nResidential development
\nHepsor Phoenix 4 O\u00dc
\n50
\n-
\nEstonia
\nResidential development
\nHepsor JG SIA
\n20
\n-
\nLatvia
\nResidential development
\nHepsor Jugla SIA
\n20
\n-
\nLatvia
\nResidential development
\nHepsor Ganibu Dambis SIA
\n20
\n-
\nLatvia
\nCommercial development
\nKvarta Holding O\u00dc
\n60
\n-
\nEstonia
\nHeadquarter
\nKvarta SIA
\n60
\n-
\nLatvia
\nResidential development
\n
\n\n
\n\n
\n\nFinancial information for subsidiaries with non-controlling interest:
\n
\nin thousands of euros
\n*Project
\nstatus
\nCurrent
\nassets
\nNon-current
\nassets
\nCurrent
\nliabilities
\nNon-current
\nliabilities
\nEquity
\nNet profit for
\nthe year
\nComprehensive
\nincome (-loss)
\nCompany
\n Balance as of 31.12.2022
\n2022
\nHepsor Bal 9 O\u00dc
\n-
\n156
\n3
\n169
\n0
\n-10
\n3
\n3
\nHepsor Bal9 SIA
\n-
\n59
\n0
\n2
\n0
\n57
\n105
\n105
\nHepsor T2T4 O\u00dc
\nC
\n1,458
\n0
\n0
\n1,449
\n9
\n-4
\n-4
\nHepsor Phoenix 2 O\u00dc
\nC
\n3,424
\n0
\n50
\n3,348
\n26
\n29
\n29
\nHepsor Phoenix 3 O\u00dc
\nB
\n4,429
\n0
\n18
\n4,346
\n65
\n-6
\n-6
\nHepsor M14 O\u00dc
\nE, D
\n8,053
\n0
\n219
\n7,879
\n-45
\n32
\n24
\nHepsor 3Torni O\u00dc
\nD
\n4,274
\n0
\n477
\n3,815
\n-18
\n-17
\n-17
\nHepsor SA2 SIA
\nB
\n898
\n0
\n2
\n920
\n-24
\n-2
\n-2
\nHepsor Latvia O\u00dc
\n-
\n4,314
\n5,775
\n1,031
\n8,012
\n1,046
\n94
\n94
\nH&R Residentsid O\u00dc
\nA
\n1,235
\n0
\n0
\n1,232
\n3
\n0
\n0
\nHepsor U34 SIA
\nB
\n1,310
\n0
\n2
\n1,110
\n198
\n-2
\n-2
\nHepsor RD5 SIA
\nB
\n591
\n0
\n20
\n516
\n55
\n-25
\n-25
\nHepsor U30 SIA
\nE
\n4,633
\n0
\n4,350
\n0
\n283
\n31
\n31
\nHepsor SIA
\n-
\n71
\n6
\n243
\n0
\n-166
\n-316
\n-316
\nHepsor Marupe SIA
\nD
\n8,578
\n0
\n8,361
\n0
\n217
\n-30
\n-30
\nHepsor Phoenix 4 O\u00dc
\nA
\n893
\n0
\n12
\n879
\n2
\n0
\n0
\nHepsor JG SIA
\nB
\n417
\n0
\n0
\n337
\n80
\n0
\n0
\nHepsor Jugla SIA
\nB
\n691
\n0
\n26
\n346
\n344
\n-2
\n-2
\nHepsor Ganibu Dambis SIA
\nA
\n4,283
\n0
\n78
\n3,699
\n506
\n6
\n6
\nKvarta Holding O\u00dc
\n-
\n3,175
\n0
\n3,175
\n0
\n0
\n0
\n0
\nKvarta SIA
\nD
\n9,685
\n0
\n10,421
\n0
\n-736
\n-45
\n-45
\n
\nin thousands of euros
\n*Project
\nstatus
\nCurrent
\nassets
\nNon-current
\nassets
\nCurrent
\nliabilities
\nNon-current
\nliabilities
\nEquity
\nNet profit for
\nthe year
\nComprehensive
\nincome (-loss)
\nCompany
\nBalance as of 31.12.2021
\n2021
\nHepsor Bal 9 O\u00dc
\n -
\n530
\n240
\n783
\n0
\n-13
\n14
\n14
\nHepsor Bal9 SIA
\nD
\n2,067
\n0
\n1,878
\n0
\n189
\n-44
\n-44
\nHepsor Peetri O\u00dc
\n-
\n232
\n0
\n35
\n0
\n197
\n228
\n240
\nHepsor T2T4 O\u00dc
\nC
\n1,300
\n0
\n0
\n1,286
\n14
\n11
\n11
\nHepsor P26B O\u00dc
\nE
\n3,558
\n0
\n2,454
\n0
\n1,104
\n2,646
\n819
\nHepsor Phoenix 2 O\u00dc
\nB
\n2,518
\n0
\n20
\n2,501
\n-3
\n-3
\n-3
\nHepsor Phoenix 3 O\u00dc
\nB
\n3,399
\n0
\n33
\n3,296
\n70
\n69
\n69
\nHepsor M14 O\u00dc
\nD
\n6,585
\n0
\n267
\n6,387
\n-69
\n-60
\n-60
\nHepsor 3Torni O\u00dc
\nC
\n2,858
\n0
\n3
\n2,857
\n-2
\n-4
\n-4
\nHepsor SA2 SIA
\nB
\n967
\n0
\n0
\n990
\n-23
\n0
\n0
\nHepsor Latvia O\u00dc
\n-
\n2,165
\n4,338
\n1,386
\n4,165
\n952
\n-48
\n-48
\nH&R Residentsid O\u00dc
\nA
\n626
\n0
\n0
\n623
\n3
\n0
\n0
\nHepsor U34 SIA
\nB
\n1,242
\n0
\n278
\n764
\n200
\n0,
\n0
\nHepsor RD5 SIA
\nB
\n405
\n0
\n0
\n325
\n80
\n0
\n0
\nHepsor U30 SIA
\nD
\n1,830
\n0
\n355
\n1,224
\n251
\n-44
\n-44
\nHepsor SIA
\n-
\n131
\n10
\n472
\n0
\n-331
\n-213
\n-213
\nHepsor Marupe SIA
\nC
\n771
\n0
\n35
\n489
\n247
\n-17
\n-17
\n
\nIn 2022, Hepsor Peetri O\u00dc paid out dividends in the amount of 29 thousand euros (2021: 64 thousand euros) to the non-controlling
\ninterest.
\n
\n\n
\n\n
\n\nProject statuses are classified as following:
\nA \u2013 planning proceedings
\nB \u2013 building permit proceedings
\nC \u2013 building permit available / construction has not yet started
\nD \u2013 construction started / sale started
\nE \u2013 construction ready for sale
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag143": {
"value": "\n
\nNote 30. Operating segments
\nThe segment reporting is presented in respect of operating and geographical segments. .
\nThe Group reports separately information about the following operating segments:
\n\u2713 residential real estate;
\n\u2713 commercial real estate;
\n\u2713 headquarters.
\nRevenues generated by headquarters are gained from the provision of project management services. All personnel expenses are
\naccounted in headquarters.
\nGeographical segments refer to the location of the real estate. The Group operates in Estonia and Latvia.
\nSegment reporting is presented on the basis of consolidated indicators, where all transactions between the Group\u2019s companies
\nhave been eliminated.
\n\nin thousands of euros
\nResidential development
\nCommercial development
\nHeadquarters
\nTotal
\n2022
\nEstonia
\nLatvia
\nEstonia
\nLatvia
\nEstonia
\nLatvia
\nRevenue
\n6,064
\n5,005
\n608
\n1,046
\n145
\n2
\n12,870
\nincl. revenue from rent
\n0
\n129
\n391
\n251
\n0
\n0
\n771
\nOperating profit
\n1,274
\n864
\n251
\n284
\n-1,594
\n-844
\n235
\nAssets
\n26,975
\n21,994
\n13,816
\n9,748
\n5,547
\n288
\n78,368
\nLiabilities
\n17,813
\n16,154
\n9,627
\n5,397
\n6,218
\n2,836
\n58,045
\n
\nin thousands of euros
\nResidential development
\nCommercial development
\nHeadquarters
\nTotal
\n2021
\nEstonia
\nLatvia
\nEstonia
\nLatvia
\nEstonia
\nLatvia
\nRevenue
\n12,893
\n1,192
\n181
\n462
\n204
\n29
\n14,961
\nincl. revenue from rent
\n15
\n209
\n61
\n27
\n0
\n0
\n312
\nOperating profit
\n3,200
\n219
\n-5
\n23
\n-1,104
\n-453
\n1,880
\nAssets
\n22,859
\n6,707
\n10,640
\n3,515
\n8,827
\n2,797
\n55,345
\nLiabilities
\n16,853
\n3,893
\n6,693
\n1,735
\n4,991
\n2,143
\n36,308
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag144": {
"value": "\nin thousands of euros
\nResidential development
\nCommercial development
\nHeadquarters
\nTotal
\n2022
\nEstonia
\nLatvia
\nEstonia
\nLatvia
\nEstonia
\nLatvia
\nRevenue
\n6,064
\n5,005
\n608
\n1,046
\n145
\n2
\n12,870
\nincl. revenue from rent
\n0
\n129
\n391
\n251
\n0
\n0
\n771
\nOperating profit
\n1,274
\n864
\n251
\n284
\n-1,594
\n-844
\n235
\nAssets
\n26,975
\n21,994
\n13,816
\n9,748
\n5,547
\n288
\n78,368
\nLiabilities
\n17,813
\n16,154
\n9,627
\n5,397
\n6,218
\n2,836
\n58,045
\n
\nin thousands of euros
\nResidential development
\nCommercial development
\nHeadquarters
\nTotal
\n2021
\nEstonia
\nLatvia
\nEstonia
\nLatvia
\nEstonia
\nLatvia
\nRevenue
\n12,893
\n1,192
\n181
\n462
\n204
\n29
\n14,961
\nincl. revenue from rent
\n15
\n209
\n61
\n27
\n0
\n0
\n312
\nOperating profit
\n3,200
\n219
\n-5
\n23
\n-1,104
\n-453
\n1,880
\nAssets
\n22,859
\n6,707
\n10,640
\n3,515
\n8,827
\n2,797
\n55,345
\nLiabilities
\n16,853
\n3,893
\n6,693
\n1,735
\n4,991
\n2,143
\n36,308
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag149": {
"value": "\nNote 31. Non-controlling interest
\nAs of 31 December 2022, the Group had 21 (31.12.2021: 17) companies with non-controlling holding.
\nCompany
\nNon-controlling interest and voting rights at %
\nLocation
\nSegment
\n
\n31.12.2022
\n31.12.2021
\n
\n
\nHepsor Bal 9 O\u00dc
\n43
\n43
\nEstonia
\nHeadquarter
\nHepsor Bal9 SIA
\n43
\n43
\nLatvia
\nResidential development
\nHepsor Peetri O\u00dc
\n-
\n32
\nEstonia
\nResidential development
\nHepsor T2T4 O\u00dc
\n50
\n50
\nEstonia
\nCommercial development
\nHepsor P26B O\u00dc
\n-
\n49
\nEstonia
\nResidential development
\nHepsor Phoenix 2 O\u00dc
\n50
\n50
\nEstonia
\nResidential development
\nHepsor Phoenix 3 O\u00dc
\n50
\n50
\nEstonia
\nResidential development
\nHepsor M14 O\u00dc
\n49
\n49
\nEstonia
\nCommercial development
\nHepsor 3 Torni O\u00dc
\n49
\n49
\nEstonia
\nResidential development
\nHepsor SA2 SIA
\n59
\n59
\nLatvia
\nResidential development
\nHepsor Latvia O\u00dc
\n20
\n20
\nEstonia
\nHeadquarter
\nH&R Residentsid O\u00dc
\n50
\n50
\nEstonia
\nResidential development
\nHepsor U34 SIA
\n44
\n44
\nLatvia
\nCommercial development
\nHepsor RD5 SIA
\n20
\n20
\nLatvia
\nResidential development
\nHepsor U30 SIA
\n20
\n20
\nLatvia
\nCommercial development
\nHepsor SIA
\n20
\n20
\nLatvia
\nHeadquarter
\nHepsor Marupe SIA
\n60
\n20
\nLatvia
\nResidential development
\nHepsor Phoenix 4 O\u00dc
\n50
\n-
\nEstonia
\nResidential development
\nHepsor JG SIA
\n20
\n-
\nLatvia
\nResidential development
\nHepsor Jugla SIA
\n20
\n-
\nLatvia
\nResidential development
\nHepsor Ganibu Dambis SIA
\n20
\n-
\nLatvia
\nCommercial development
\nKvarta Holding O\u00dc
\n60
\n-
\nEstonia
\nHeadquarter
\nKvarta SIA
\n60
\n-
\nLatvia
\nResidential development
\n
\n\nFinancial information for subsidiaries with non-controlling interest:
\n
\nin thousands of euros
\n*Project
\nstatus
\nCurrent
\nassets
\nNon-current
\nassets
\nCurrent
\nliabilities
\nNon-current
\nliabilities
\nEquity
\nNet profit for
\nthe year
\nComprehensive
\nincome (-loss)
\nCompany
\n Balance as of 31.12.2022
\n2022
\nHepsor Bal 9 O\u00dc
\n-
\n156
\n3
\n169
\n0
\n-10
\n3
\n3
\nHepsor Bal9 SIA
\n-
\n59
\n0
\n2
\n0
\n57
\n105
\n105
\nHepsor T2T4 O\u00dc
\nC
\n1,458
\n0
\n0
\n1,449
\n9
\n-4
\n-4
\nHepsor Phoenix 2 O\u00dc
\nC
\n3,424
\n0
\n50
\n3,348
\n26
\n29
\n29
\nHepsor Phoenix 3 O\u00dc
\nB
\n4,429
\n0
\n18
\n4,346
\n65
\n-6
\n-6
\nHepsor M14 O\u00dc
\nE, D
\n8,053
\n0
\n219
\n7,879
\n-45
\n32
\n24
\nHepsor 3Torni O\u00dc
\nD
\n4,274
\n0
\n477
\n3,815
\n-18
\n-17
\n-17
\nHepsor SA2 SIA
\nB
\n898
\n0
\n2
\n920
\n-24
\n-2
\n-2
\nHepsor Latvia O\u00dc
\n-
\n4,314
\n5,775
\n1,031
\n8,012
\n1,046
\n94
\n94
\nH&R Residentsid O\u00dc
\nA
\n1,235
\n0
\n0
\n1,232
\n3
\n0
\n0
\nHepsor U34 SIA
\nB
\n1,310
\n0
\n2
\n1,110
\n198
\n-2
\n-2
\nHepsor RD5 SIA
\nB
\n591
\n0
\n20
\n516
\n55
\n-25
\n-25
\nHepsor U30 SIA
\nE
\n4,633
\n0
\n4,350
\n0
\n283
\n31
\n31
\nHepsor SIA
\n-
\n71
\n6
\n243
\n0
\n-166
\n-316
\n-316
\nHepsor Marupe SIA
\nD
\n8,578
\n0
\n8,361
\n0
\n217
\n-30
\n-30
\nHepsor Phoenix 4 O\u00dc
\nA
\n893
\n0
\n12
\n879
\n2
\n0
\n0
\nHepsor JG SIA
\nB
\n417
\n0
\n0
\n337
\n80
\n0
\n0
\nHepsor Jugla SIA
\nB
\n691
\n0
\n26
\n346
\n344
\n-2
\n-2
\nHepsor Ganibu Dambis SIA
\nA
\n4,283
\n0
\n78
\n3,699
\n506
\n6
\n6
\nKvarta Holding O\u00dc
\n-
\n3,175
\n0
\n3,175
\n0
\n0
\n0
\n0
\nKvarta SIA
\nD
\n9,685
\n0
\n10,421
\n0
\n-736
\n-45
\n-45
\n
\nin thousands of euros
\n*Project
\nstatus
\nCurrent
\nassets
\nNon-current
\nassets
\nCurrent
\nliabilities
\nNon-current
\nliabilities
\nEquity
\nNet profit for
\nthe year
\nComprehensive
\nincome (-loss)
\nCompany
\nBalance as of 31.12.2021
\n2021
\nHepsor Bal 9 O\u00dc
\n -
\n530
\n240
\n783
\n0
\n-13
\n14
\n14
\nHepsor Bal9 SIA
\nD
\n2,067
\n0
\n1,878
\n0
\n189
\n-44
\n-44
\nHepsor Peetri O\u00dc
\n-
\n232
\n0
\n35
\n0
\n197
\n228
\n240
\nHepsor T2T4 O\u00dc
\nC
\n1,300
\n0
\n0
\n1,286
\n14
\n11
\n11
\nHepsor P26B O\u00dc
\nE
\n3,558
\n0
\n2,454
\n0
\n1,104
\n2,646
\n819
\nHepsor Phoenix 2 O\u00dc
\nB
\n2,518
\n0
\n20
\n2,501
\n-3
\n-3
\n-3
\nHepsor Phoenix 3 O\u00dc
\nB
\n3,399
\n0
\n33
\n3,296
\n70
\n69
\n69
\nHepsor M14 O\u00dc
\nD
\n6,585
\n0
\n267
\n6,387
\n-69
\n-60
\n-60
\nHepsor 3Torni O\u00dc
\nC
\n2,858
\n0
\n3
\n2,857
\n-2
\n-4
\n-4
\nHepsor SA2 SIA
\nB
\n967
\n0
\n0
\n990
\n-23
\n0
\n0
\nHepsor Latvia O\u00dc
\n-
\n2,165
\n4,338
\n1,386
\n4,165
\n952
\n-48
\n-48
\nH&R Residentsid O\u00dc
\nA
\n626
\n0
\n0
\n623
\n3
\n0
\n0
\nHepsor U34 SIA
\nB
\n1,242
\n0
\n278
\n764
\n200
\n0,
\n0
\nHepsor RD5 SIA
\nB
\n405
\n0
\n0
\n325
\n80
\n0
\n0
\nHepsor U30 SIA
\nD
\n1,830
\n0
\n355
\n1,224
\n251
\n-44
\n-44
\nHepsor SIA
\n-
\n131
\n10
\n472
\n0
\n-331
\n-213
\n-213
\nHepsor Marupe SIA
\nC
\n771
\n0
\n35
\n489
\n247
\n-17
\n-17
\n
\nIn 2022, Hepsor Peetri O\u00dc paid out dividends in the amount of 29 thousand euros (2021: 64 thousand euros) to the non-controlling
\ninterest.
\n
\n\nProject statuses are classified as following:
\nA \u2013 planning proceedings
\nB \u2013 building permit proceedings
\nC \u2013 building permit available / construction has not yet started
\nD \u2013 construction started / sale started
\nE \u2013 construction ready for sale
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag161": {
"value": "\n
\nNote 32. Related parties
\n\nThe Group considers key members of the management (supervisory and management board), their close relatives and entities
\nunder their control or significant influence as well as associated companies as related parties.
\n
\n\n
\nBalances and transactions with related parties
\n
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nReceivables
\n
\n
\nLoans granted (Note 9)
\n
\n
\nAssociated companies
\n
\n
\nOpening balance 01.01
\n2,587
\n1,371
\nLoan granted
\n0
\n1,216
\nRepaid
\n-821
\n0
\nBalance at the end of period
\n1,766
\n2,587
\nKey members of the management and all companies directly or indirectly
\nowned by them
\n
\n
\nOpening balance 01.01
\n0
\n0
\nLoan granted
\n176
\n0
\nRepaid
\n-176
\n0
\nBalance at the end of period
\n0
\n0
\nTrade and other receivables
\n
\n
\nKey members of the management and all companies directly or indirectly
\nowned by them
\n208
\n12
\nInterest receivables
\n
\n
\nAssociated companies
\n36
\n169
\nPayables
\n
\n
\nLoans and borrowings (Note 10)
\n
\n
\nAssociated companies
\n
\n
\nOpening balance 01.01
\n0
\n0
\nReceived
\n464
\n0
\nRepaid
\n-41
\n0
\nBalance at the end of period
\n423
\n0
\nKey members of the management and all companies directly or indirectly
\nowned by them
\n
\n
\nOpening balance 01.01
\n1,831
\n640
\nReceived
\n80
\n1,691
\nRepaid
\n-28
\n-500
\nBalance at the end of period
\n1,883
\n1,831
\nTrade payables
\n
\n
\nKey members of the management and all companies directly or indirectly
\nowned by them
\n1,762
\n1,126
\nInterest payables
\n
\n
\nAssociated companies
\n2
\n0
\nKey members of the management and all companies directly or indirectly
\nowned by them
\n167
\n70
\n
\n\nPurchases and sales of goods and services
\n
\nin thousands of euros
\n2022
\n2021
\nSales of goods and services
\n
\n
\nAssociated companies
\n115
\n160
\nKey members of the management and all companies
\ndirectly or indirectly owned by them
\n159
\n65
\nTotal sales of goods and services
\n274
\n225
\nPurchases of goods and services
\n
\n
\nAssociated companies
\n46
\n0
\nKey members of the management and all companies
\ndirectly or indirectly owned by them
\n25,707
\n11,349
\n incl. construction service
\n25,467
\n11,160
\nInterest income earned
\n
\n
\nAssociated companies
\n
\n
\nInterest earned
\n166
\n141
\nInterest received
\n313
\n0
\nKey members of the management and all companies
\ndirectly or indirectly owned by them
\n
\n
\nInterest earned
\n3
\n0
\nInterest received
\n3
\n0
\nInterest expenses incurred
\n
\n
\nAssociated companies
\n
\n
\nAccrued interest
\n2
\n0
\nInterest paid
\n0
\n0
\nKey members of the management and all companies
\ndirectly or indirectly owned by them
\n
\n
\nAccrued interest
\n229
\n136
\nInterest paid
\n132
\n68
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag163": {
"value": "\nNote 33. Events after the reporting period
\n\u2713 In January 2023, Hepsor AS bought a minority stake in its subsidiary Hepsor Bal9 O\u00dc thus increasing its stake to 100%.
\n\u2713 Hepsor N57 O\u00dc, a subsidiary of Hepsor AS, signed a loan agreement with LHV Pank in the amount of 3.06 million euros to
\nfinance the construction of the Lillek\u00fcla Kodud development project. The loan repayment deadline is in 2026.
\n\u2713 In January 2023, based on the decision of the Tallinn District Court, the lawsuit filed against Hepsor Phoenix 3 O\u00dc, where
\nthe procurement of demolition works was disputed, was not satisfied.
\n\u2713 Hepsor RD5 SIA, Hepsor AS group company, and Mitt&Perlebach SIA signed a construction agreement on 16 March 2023 for
\nthe construction of the Nameja Rezidence development project in Riga. The value of the construction agreement is
\napproximately 4.6 million euros excluding VAT.
\n\u2713 Hepsor Phoenix 2 O\u00dc, Hepsor AS group company, and LHV Pank O\u00dc signed 17.5 million loan agreement on 15 March 2023.
\nThe purpose of the three-year loan is to finance the construction of Manufaktuuri 7 development project.
\n\u2713 Hepsor Phoenix 2 O\u00dc, Hepsor AS group company, and Mitt&Perlebach O\u00dc signed a construction agreement on 8 March
\n2023 for the construction of the Manufaktuuri 7 development project in the Manufaktuuri Quarter in Tallinn. The value of
\nthe construction agreement is approximately 18.5 million euros excluding VAT.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag156": {
"value": "\n
\nNote 34. Risk management
\nRisk management is part of the Group\u2019s strategic planning and decision-making process. The Group is exposed to a number of
\nrisks and uncertainties related to, among other factors, the business and financial risks. The materialisation of any such risks could
\nhave a material adverse effect on the Group\u2019s business, financial condition, results of operations and future prospects. The
\nGroup\u2019s risk management process is based on the premise that the Group\u2019s success depends on constant monitoring, accurate
\nassessment, and effective management of risks. The Group\u2019s management monitors the management of these risks.
\nStrategic risk
\nThe Group\u2019s strategic risks are risks that can significantly impact the execution of its business strategies and ability to achieve the
\nobjectives. Such risks are impacted by changes in political environment and market demand as well as microeconomic
\ndevelopments. While the risks can have negative impact on the Group\u2019s business, they can also create new business opportunities.
\nThe Group carefully selects the new development projects and monitors the market trends in order to adjust its strategy when
\nsignificant changes occur.
\n\nMarket risk
\nMarket risk is the risk arising from changes in the markets to which the Group is exposed. The main market risks are price risk and
\ninterest rate risk. The Group is exposed to price risk resulting from a decrease in the market values of the group's real estate
\ndevelopment projects or a price increase due to a change in input prices. There can be no guarantee that the Group will be able
\nto sell its development projects in future with prices that are similar or higher than the expected market value of these projects.
\nThe Group cannot ensure it is able to sell its development projects with expected prices could have an unfavourable impact on
\nthe Group\u2019s statement of financial position and may have a material adverse effect on the Group\u2019s business, financial condition,
\nprospects and results of operations and execution of its strategy. For mitigating the market risk, the management of the Group
\nconstantly monitors the changes and situation in the market when making development decisions.
\nThe Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group
\nactively uses external and internal borrowings to finance its real estate development projects in Estonia and Latvia. A project\u2019s
\nexternal financing is either in the form of a bank loan, investor loan or loan from minority interest holders.
\nThe interest rates of investor loans are usually fixed, ie interest rates are not floating and do not depend on Euribor.
\nThe Group\u2019s bank loans have both fixed and floating interest rates based on Euribor. Bank loans have 0% floor clause as protection
\nagainst negative Euribor meaning that in case of negative Euribor, Euribor is equalized to zero and the margin of such loans does
\nnot decrease. The management constantly monitors the Group\u2019s exposure to interest rate risk which arises from loans with
\nfloating interest rates. Such risk is mainly related to the potential upward movement in Euribor as already warned by European
\nCentral Bank. In 2022, the 6-month Euribor has increased by 2.69%, in 2021, the 6-month Euribor was negative.
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nFinancial liabilities with fixed interest rate
\n18,451
\n18,393
\n incl. bank loan liabilities with fixed interest rate
\n13,430
\n981
\nBank loan liabilities with floating interest rate
\n16,699
\n9,970
\nTotal
\n48,580
\n28,363
\n
\nFor undrawn borrowings the Group is charged commitment fee, which is based on the average balance of the undistributed loan
\namount thus having direct impact on the effective interest rate of the Group.
\n
\n\n
\n\n
\n
\n\nInterest rate sensitivity
\nIncreases in interest rates could adversely affect the Group's ability to cover interest costs from current cash-flows. The impact
\nto the Group\u2019s profit would appear on the realisation year of each specific project.
\nIf Euribor had been 50 basis points higher and all other variables were held constant, the Group's cash-flow need to cover interest
\ncosts for the year ended 31 December would increase as follows:
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nIncrease by 50 basis points
\n70
\n34
\n
\n\n
\n\nCredit risk
\nCredit risk is the risk that a counterparty will not meet its obligations towards the Group under a financial instrument or customer
\ncontract, leading to a financial loss. The Group is exposed to credit risk from its operating activities such as trade receivables from
\nrental property and from its financing activities, including deposits with banks and other financial instruments.
\nIn order to minimise credit risk, the Group is only dealing with creditworthy counterparties and deposits cash in banks well-
\nrecognized banks in Estonia and Latvia. If such rating is not available, the Group uses other publicly available financial information
\nand its own trading records to rate its major customers.
\nThe Group is in real estate development business and upon sale of completed property the Group enters into notarized agreement
\nwith the buyer. Since most of the transactions are ensured either with money deposited in the notary's deposit account or a bank
\nloan, the Group is not exposed to material credit risk from trade receivables.
\nAs at 31 December the following financial assets were exposed to credit risk:
\nin thousands of euros
\n2022
\n2021
\nCash and cash equivalents
\n3,754
\n10,889
\nTrade and other receivables
\n728
\n91
\nInterest receivables
\n31
\n173
\nEscrow account
\n405
\n0
\nCurrent loan receivables
\n0
\n2,388
\nNon-current loan receivables
\n1,766
\n3,408
\nTotal
\n6,684
\n16,949
\n
\nAs at 31 December the aging of trade receivables was as follows:
\nin thousands of euros
\n2022
\n2021
\nCurrent
\n666
\n46
\nUp to 2 months past due date
\n22
\n16
\n2-4 months past due date
\n4
\n10
\nMore than 4 months past due date
\n16
\n8
\nTotal
\n708
\n80
\n
\nAs at 31 March 2023, the completion date of current report, trade receivables in the amount of 73 thousand euros (31.03.2022:
\n31 thousand euros) were past the due date as at 31 December 2022.
\n
\n\n
\n\n
\n
\n\nLiquidity risk
\nThe Group\u2019s liquidity represents its ability to settle its liabilities to creditors on time. A careful management of liquidity and
\nrefinancing risks implies maintaining the availability of funding through an adequate amount of committed credit facilities. Due
\nto the nature of the Group\u2019s business activities, the Group actively uses external and internal funds to ensure that timely resources
\nare always available to cover capital needs.
\nThe Group manages liquidity risk by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles
\nof financial assets and liabilities. The Group mitigates refinancing risk by monitoring liquidity positions, analyzing different
\nfinancing options on an ongoing basis and negotiating with financing parties over the course of financing.
\nGroup\u2019s financial liabilities by maturity date:
\nin thousands of euros
\nup to 6 months
\nup to 12 months
\n1-5 years
\nTotal
\n31.12.2022
\n
\n
\n
\n
\nLoan and lease liabilities
\n8,043
\n14,569
\n26,083
\n48,694
\nTrade payable
\n1,906
\n0
\n0
\n1,906
\nOther liabilities
\n1,996
\n105
\n2,290
\n4,391
\n
\nin thousands of euros
\nup to 6 months
\nup to 12 months
\n1-5 years
\nTotal
\n31.12.2021
\n
\n
\n
\n
\nLoan and lease liabilities
\n2,758
\n2,866
\n22,928
\n28,552
\nTrade payable
\n1,506
\n0
\n0
\n1,506
\nOther liabilities
\n3,091
\n942
\n1,053
\n5,086
\n
\n\n
\n\nCapital risk
\nThe core purpose of the Group\u2019s capital risk management is to ensure the most optimal capital structure to support the
\nsustainability of the Group\u2019s business operations and shareholders\u2019 interests. The Group finances its operations with both debt
\nand equity capital.
\nThe Group uses the debt-to-equity ratio to monitor capital structure. The debt-to-equity ratio is calculated as the ratio of net debt
\nto total capital. The Group also monitors the ratio of equity and balance sheet volume.
\nThe management considers the Group\u2019s capital structure optimal.
\nin thousands of euros
\n2022
\n2021
\nInterest-bearing loan liabilities
\n48,628
\n28,379
\nCash and bank accounts
\n3,754
\n10,889
\nNet debt (interest-bearing loan liabilities - cash and bank accounts)
\n44,874
\n17,490
\nTotal equity attributable to owners of the parent
\n19,866
\n18,904
\nTotal of net debt and equity (net debt + total equity attributable to owners of the parent)
\n64,740
\n36,394
\nDebt-equity ratio (net debt / net debt and total equity attributable to owners of the parent)
\n69%
\n48%
\nTotal assets
\n78,368
\n55,345
\nEquity to total assets (equity / total assets)
\n25%
\n34%
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag157": {
"value": "\nMarket risk
\nMarket risk is the risk arising from changes in the markets to which the Group is exposed. The main market risks are price risk and
\ninterest rate risk. The Group is exposed to price risk resulting from a decrease in the market values of the group's real estate
\ndevelopment projects or a price increase due to a change in input prices. There can be no guarantee that the Group will be able
\nto sell its development projects in future with prices that are similar or higher than the expected market value of these projects.
\nThe Group cannot ensure it is able to sell its development projects with expected prices could have an unfavourable impact on
\nthe Group\u2019s statement of financial position and may have a material adverse effect on the Group\u2019s business, financial condition,
\nprospects and results of operations and execution of its strategy. For mitigating the market risk, the management of the Group
\nconstantly monitors the changes and situation in the market when making development decisions.
\nThe Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group
\nactively uses external and internal borrowings to finance its real estate development projects in Estonia and Latvia. A project\u2019s
\nexternal financing is either in the form of a bank loan, investor loan or loan from minority interest holders.
\nThe interest rates of investor loans are usually fixed, ie interest rates are not floating and do not depend on Euribor.
\nThe Group\u2019s bank loans have both fixed and floating interest rates based on Euribor. Bank loans have 0% floor clause as protection
\nagainst negative Euribor meaning that in case of negative Euribor, Euribor is equalized to zero and the margin of such loans does
\nnot decrease. The management constantly monitors the Group\u2019s exposure to interest rate risk which arises from loans with
\nfloating interest rates. Such risk is mainly related to the potential upward movement in Euribor as already warned by European
\nCentral Bank. In 2022, the 6-month Euribor has increased by 2.69%, in 2021, the 6-month Euribor was negative.
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nFinancial liabilities with fixed interest rate
\n18,451
\n18,393
\n incl. bank loan liabilities with fixed interest rate
\n13,430
\n981
\nBank loan liabilities with floating interest rate
\n16,699
\n9,970
\nTotal
\n48,580
\n28,363
\n
\nFor undrawn borrowings the Group is charged commitment fee, which is based on the average balance of the undistributed loan
\namount thus having direct impact on the effective interest rate of the Group.
\n
\n\nInterest rate sensitivity
\nIncreases in interest rates could adversely affect the Group's ability to cover interest costs from current cash-flows. The impact
\nto the Group\u2019s profit would appear on the realisation year of each specific project.
\nIf Euribor had been 50 basis points higher and all other variables were held constant, the Group's cash-flow need to cover interest
\ncosts for the year ended 31 December would increase as follows:
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\nIncrease by 50 basis points
\n70
\n34
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag159": {
"value": "\nCredit risk
\nCredit risk is the risk that a counterparty will not meet its obligations towards the Group under a financial instrument or customer
\ncontract, leading to a financial loss. The Group is exposed to credit risk from its operating activities such as trade receivables from
\nrental property and from its financing activities, including deposits with banks and other financial instruments.
\nIn order to minimise credit risk, the Group is only dealing with creditworthy counterparties and deposits cash in banks well-
\nrecognized banks in Estonia and Latvia. If such rating is not available, the Group uses other publicly available financial information
\nand its own trading records to rate its major customers.
\nThe Group is in real estate development business and upon sale of completed property the Group enters into notarized agreement
\nwith the buyer. Since most of the transactions are ensured either with money deposited in the notary's deposit account or a bank
\nloan, the Group is not exposed to material credit risk from trade receivables.
\nAs at 31 December the following financial assets were exposed to credit risk:
\nin thousands of euros
\n2022
\n2021
\nCash and cash equivalents
\n3,754
\n10,889
\nTrade and other receivables
\n728
\n91
\nInterest receivables
\n31
\n173
\nEscrow account
\n405
\n0
\nCurrent loan receivables
\n0
\n2,388
\nNon-current loan receivables
\n1,766
\n3,408
\nTotal
\n6,684
\n16,949
\n
\nAs at 31 December the aging of trade receivables was as follows:
\nin thousands of euros
\n2022
\n2021
\nCurrent
\n666
\n46
\nUp to 2 months past due date
\n22
\n16
\n2-4 months past due date
\n4
\n10
\nMore than 4 months past due date
\n16
\n8
\nTotal
\n708
\n80
\n
\nAs at 31 March 2023, the completion date of current report, trade receivables in the amount of 73 thousand euros (31.03.2022:
\n31 thousand euros) were past the due date as at 31 December 2022.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag160": {
"value": "\nLiquidity risk
\nThe Group\u2019s liquidity represents its ability to settle its liabilities to creditors on time. A careful management of liquidity and
\nrefinancing risks implies maintaining the availability of funding through an adequate amount of committed credit facilities. Due
\nto the nature of the Group\u2019s business activities, the Group actively uses external and internal funds to ensure that timely resources
\nare always available to cover capital needs.
\nThe Group manages liquidity risk by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles
\nof financial assets and liabilities. The Group mitigates refinancing risk by monitoring liquidity positions, analyzing different
\nfinancing options on an ongoing basis and negotiating with financing parties over the course of financing.
\nGroup\u2019s financial liabilities by maturity date:
\nin thousands of euros
\nup to 6 months
\nup to 12 months
\n1-5 years
\nTotal
\n31.12.2022
\n
\n
\n
\n
\nLoan and lease liabilities
\n8,043
\n14,569
\n26,083
\n48,694
\nTrade payable
\n1,906
\n0
\n0
\n1,906
\nOther liabilities
\n1,996
\n105
\n2,290
\n4,391
\n
\nin thousands of euros
\nup to 6 months
\nup to 12 months
\n1-5 years
\nTotal
\n31.12.2021
\n
\n
\n
\n
\nLoan and lease liabilities
\n2,758
\n2,866
\n22,928
\n28,552
\nTrade payable
\n1,506
\n0
\n0
\n1,506
\nOther liabilities
\n3,091
\n942
\n1,053
\n5,086
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag162": {
"value": "\nCapital risk
\nThe core purpose of the Group\u2019s capital risk management is to ensure the most optimal capital structure to support the
\nsustainability of the Group\u2019s business operations and shareholders\u2019 interests. The Group finances its operations with both debt
\nand equity capital.
\nThe Group uses the debt-to-equity ratio to monitor capital structure. The debt-to-equity ratio is calculated as the ratio of net debt
\nto total capital. The Group also monitors the ratio of equity and balance sheet volume.
\nThe management considers the Group\u2019s capital structure optimal.
\nin thousands of euros
\n2022
\n2021
\nInterest-bearing loan liabilities
\n48,628
\n28,379
\nCash and bank accounts
\n3,754
\n10,889
\nNet debt (interest-bearing loan liabilities - cash and bank accounts)
\n44,874
\n17,490
\nTotal equity attributable to owners of the parent
\n19,866
\n18,904
\nTotal of net debt and equity (net debt + total equity attributable to owners of the parent)
\n64,740
\n36,394
\nDebt-equity ratio (net debt / net debt and total equity attributable to owners of the parent)
\n69%
\n48%
\nTotal assets
\n78,368
\n55,345
\nEquity to total assets (equity / total assets)
\n25%
\n34%
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag158": {
"value": "\nNote 35. Primary financial statements of the parent company
\nPursuant to the Estonian Accounting Act, the information on the unconsolidated main financial statements of the consolidating
\nentity is disclosed in the notes to the consolidated financial statements. The main financial statements of the parent company
\nhave been prepared using the same accounting and valuation principles as used in the preparation of the consolidated financial
\nstatements, except for subsidiaries, which are accounted for in the parent company's separate unconsolidated financial
\nstatements using the acquisition method.
\nStatement of financial position
\nin thousands of euros
\n31.12.2022
\n31.12.2021
\n
\n
\n
\nAssets
\n
\n
\nCurrent assets
\n
\n
\nCash and cash equivalents
\n156
\n3,110
\nTrade and other receivables
\n257
\n82
\nCurrent loan receivables
\n2,900
\n3,079
\nInventories
\n15
\n20
\nTotal current assets
\n3,328
\n6,291
\nNon-current assets
\n
\n
\nProperty, plant and equipment
\n72
\n50
\nInvestments in subsidiaries
\n1,636
\n1,629
\nFinancial investments
\n2
\n2
\nInvestments in associates
\n1,086
\n0
\nNon-current loan receivables
\n12,742
\n8,641
\nOther non-current receivables
\n1,204
\n598
\nTotal non-current assets
\n16,742
\n10,920
\nTotal assets
\n20,070
\n17,211
\nLiabilities and equity
\n
\n
\nCurrent liabilities
\n
\n
\nCurrent lease liabilities
\n9
\n11
\nTrade and other payables
\n86
\n67
\nTotal current liabilities
\n95
\n78
\nNon-current liabilities
\n
\n
\nLoans and borrowings
\n5,494
\n4,026
\nNon-current lease liabilities
\n38
\n5
\nTotal non-current liabilities
\n5,532
\n4,031
\nTotal liabilities
\n5,627
\n4,109
\nEquity
\n
\n
\nShare capital
\n3,855
\n3,855
\nShare premium
\n8,917
\n8,917
\nRetained earnings
\n1,671
\n330
\nTotal equity
\n14,443
\n13,102
\nTotal liabilities and equity
\n20,070
\n17,211
\n
\n\nStatement of profit and loss and other comprehensive income
\nin thousands of euros
\n2022
\n 2021
\n
\n
\n
\nRevenue
\n35
\n25
\nCost of sales (-)
\n-86
\n-91
\nGross profit
\n-51
\n-66
\nMarketing expenses (-)
\n-24
\n-40
\nAdministrative expenses (-)
\n-553
\n-359
\nOther operating income
\n43
\n31
\nOther operating expenses
\n-2
\n0
\nOperating profit of the year
\n-587
\n-434
\nFinancial income
\n2,556
\n825
\n interest income
\n1,305
\n760
\n profit on the sale of a subsidiary
\n1,086
\n0
\n other financial income
\n165
\n65
\nFinancial expenses (-)
\n-628
\n-405
\n interest expenses (-)
\n-492
\n-315
\n loss from associate (-)
\n0
\n-2
\n other financial expenses (-)
\n-136
\n-88
\nProfit before tax
\n1,341
\n-14
\nDeferred income tax
\n0
\n60
\nNet profit for the year
\n1,341
\n46
\n
\n
\n
\nOther comprehensive income for the period
\n1,341
\n46
\n
\n\nStatement of changes in equity
\nin thousands of euros
\nShare capital
\nShare premium
\nRetained earnings
\nTotal
\nBalance at 31.12.2020
\n6
\n3,211
\n435
\n3,652
\nOther comprehensive income for
\nthe period
\n0
\n0
\n46
\n46
\nIncrease of share capital
\n2,994
\n-2,994
\n0
\n0
\nIssue of shares
\n855
\n8,700
\n0
\n9,555
\nDividends paid
\n0
\n0
\n-151
\n-151
\nBalance at 31.12.2021
\n3,855
\n8,917
\n330
\n13,102
\nOther comprehensive income for
\nthe period
\n0
\n0
\n1,341
\n1,341
\nBalance at 31.12.2022
\n3,855
\n8,917
\n1,671
\n14,443
\n
\nAdjusted unconsolidated equity
\nin thousands of euros
\n31.12.2021
\n31.12.2020
\nParent company\u2019s unconsolidated equity
\n14,443
\n13,102
\nCarrying amount of investments in subsidiaries and associates in the parent company\u2019s
\nunconsolidated statement of financial position (-)
\n-2,722
\n-1,629
\nValue of investments in subsidiaries and associates under the equity method (+)
\n8,145
\n7,431
\nParent company\u2019s adjusted unconsolidated equity
\n19,866
\n18,904
\n
\nAt the general meeting of shareholders on 9 August 2021, it was decided to transform the private limited company (O\u00dc) into a
\npublic limited company (AS) and to increase the share capital of the company. The shareholders decided to increase the share
\ncapital to 3 million euros at the expense of the share premium.
\nOn November 8, 2021, the general meeting of shareholders decided to list the shares of Hepsor AS on the main list of the Nasdaq
\nTallinn Stock Exchange and to issue up to 854,701 shares at an offer price of 11.70 euros, of which 1 euro was the nominal value
\nand 10.70 was the share premium. The Group's shares were listed on the main list of the Nasdaq Tallinn Stock Exchange on
\nNovember 26, 2021.
\n
\n\nStatement of cash flows
\nin thousands of euros
\n2022
\n2021
\nNet cash flows from (to) operating activities
\n
\n
\n
\n
\n
\nOperating profit of the year
\n-587
\n-434
\n Adjustments for:
\n
\n
\n Depreciation of property, plant and equipment
\n29
\n30
\n Profit from sale of property, plant and equipment
\n-18
\n0
\n Other adjustments
\n-1
\n-97
\nChanges in working capital:
\n
\n
\n Change in trade receivables
\n-23
\n-13
\n Change in inventories
\n5
\n0
\n Change in liabilities and prepayments
\n-13
\n-194
\nCash flows from (to) operating activities
\n-608
\n-708
\nNet cash flows to investing activities
\n
\n
\nPayments of for acquisition of subsidiaries
\n-7
\n-7
\nPayments of for acquisition of financial investment
\n0
\n-2
\nProceeds from sale of property, plant and equipment
\n25
\n0
\nInterest received
\n404
\n523
\nLoans granted
\n-8,562
\n-9,760
\nLoan repayments received
\n4,672
\n2,765
\nOther proceeds from investing activities
\n40
\n64
\nCash flows to investing activities
\n-3,428
\n-6,417
\nNet cash flows from (to) financing activities
\n
\n
\nNet cash flow from issuing shares
\n0
\n9,555
\nLoans raised
\n1,575
\n4,885
\nLoan repayments
\n0
\n-4,723
\nInterest paid
\n-461
\n-315
\nPayments of finance lease principal
\n-26
\n-15
\nDividends paid
\n0
\n-188
\nOther receipts from financing activities
\n-6
\n0
\nCash flows from financing activities
\n1,082
\n9,199
\n
\n
\n
\nNet cash flow
\n-2,954
\n2,074
\n
\n
\n
\nCash and cash equivalents at beginning of year
\n3,110
\n1,036
\nIncrease / decrease in cash and cash equivalents
\n-2,954
\n2,074
\nCash and cash equivalents at end of year
\n156
\n3,110
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:254900NNCQC3L9WR9P45",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}