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's activity report 2022

The main activity of Viru Väljaku Arenduse AS is the ownership, leasing and management of the premises located at Viru square 6 in Viru Center. The daily management of Viru Center as a whole is organized by the affiliated company AS Viru Center.

The financial results of Viru Väljaku Arenduse for 2022 were good and expected. During the reporting year, the renovation project of Viru Center, which started in 2021, continued, which is carried out in several stages and will continue in the next financial year. A significant change in the premises of Viru square 6 was the opening of the IV floor with a new concept „Beauty Sphere“, where the tenants offer various health and beauty services to the visitors of the center.

The net turnover of Viru Väljaku Arenduse AS in 2022 was 7.3 million euros and it grew by approximately 19% in annual comparison.

The previous 2021 revenues were negatively affected by the coronavirus pandemic that started in 2020 and the related restrictions on shopping centers and their tenants. The operating profit of Viru Väljaku Arenduse of 5.0 million euros increased by 13% compared to the previous year mainly due to the increase in sales revenue.

The net profit of Viru Väljaku Arenduse for 2022 was 5.1 million euros, which is approximately 16% higher in annual comparison than the previous financial year. The growth in net profit was supported by the growth in sales revenue and financial income.

2023 will continue to be challenging, as high inflation has a negative impact on consumer confidence. In addition, both individuals and companies are significantly affected by the sharply increased interest expense due to the rapid growth of base rates. The final stage of the Viru Center renovation project will be completed by the end of the first half of 2023.

No salaries were paid to the members of the company's board and council in 2022.