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's activity report 2022

The majority shareholder of AS Viru Center is Pontos Group OY, based in Finland. The company's main activity is the leasing of commercial spaces in Viru

Shopping Center.

AS Viru Center owns 48.6% of the shares of the affiliated company AS Viru Keskus and 50% of the shares of AS Viru Väljaku Arendus. The main activity of AS Viru Keskus is the daily management of the shopping center. The main activity of AS Viru Väljaku Arendus is also related to the leasing of spaces in the Viru Shopping Center.

Revenue and operating profit

The rental income for the reporting year was 4.3 million euros and the net profit was 1.7 million euros. In 2021, the company earned rental income of 4.0 million euros and a net profit of 2.2 million euros. Revenues and net profit were affected by large-scale investments and temporary rental interruptions due to the renovation project.

Investments

The company continued with the shopping center renovation project. The volume of investments in 2022 was 6.2 million euros. The renovation project will be completed in 2023.

Management

Main issues related to the company's operations were discussed at board meetings or at shareholder meetings convened at the initiative of the board Timo

Tapani Kokkila served as the sole member of the board.

Employees

AS Viru Center did not have any employees under employment contract in 2022. No remuneration was paid to the members of the board and the council.

The general (macroeconomic) development of the operating environment of Viru Center AS has been more volatile than before in the post-pandemic year. However, as the lease agreements of Viru Center AS are predominantly long-term, the situation has not significantly affected the company's financial results.

In 2022, the economic activity of the real estate sector was also negatively affected by a sharp increase in energy costs and, consequently, a sharp increase in the cost of living in the operating environment

There are no significant influencers in the business activities of Viru Center AS from the perspective of seasonality or economic activity cycles. The lease agreements of Viru Center AS are predominantly with fixed rental prices, balancing possible seasonality and providing resilience to economic fluctuations.

Significant environmental and social impacts associated with the company's operations include the creation and continuous development of a new and modern shopping environment, thereby providing customers with the opportunity to make purchases in a safety and health-compliant and climate-controlled building. Viru Center AS continues to adhere to the principles of economical and sustainable management.

Financial results

Main financial indicators in euros 2021 2022

Sales revenue 4 000 917 4 253 733

Change in sales revenue 0.1% 6.3%

EBITDA 3 431 771 3 456 529

Change in EBITDA % 2.3% 0.7%

Operating profit (loss) 2 442 230 1 915 657

Net profit 2 157 840 1 725 953

Change in net profit -31.1% -20.0%

Equity ratio 24.7% 23.9%

Return on equity (ROE) 13.9% 10.4%

Return on assets (ROA) 3.3% 2.4%

EBITDA = profit before financial income and expenses and depreciation

Equity ratio = equity / average assets