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's activity report 2022

Järve Shopping Centre Ltd was established in 2011, with its main activity being real estate development and management. Järve Shopping Centre Ltd is 100% owned by Esraven AS, a company based on Estonian private capital. The most famous brand of Järve Shopping Centre Ltd is Järve Centre, the leasable area managed by Järve Shopping Centre Ltd is approximately 85,000 m2, of which the Järve Centre shopping centre makes up about 47,000 m2.

Economic Environment

Extensive global fiscal and monetary support measures and the energy crisis have caused a growing global inflation. Disruptions in production chains have led to shortages of goods in several sectors, prices of wood, food, industrial metals and other natural resources have risen, and the cost of shipping goods has increased significantly. For Järve Shopping Centre Ltd, this means rapid short-term growth in the coming years as our economy recovers from the health and energy crisis, but the return of inflation and other risks is a reminder that positive economic forecasts are just forecasts and may not materialize.

2022 has been largely under the influence of a sharp energy crisis, which mainly affected the commercial spaces leased by Järve Shopping Centre Ltd, due to unpredictable prices, sales revenue was again significantly affected as in the previous year. An energy efficiency pilot project was completed in the centre at the end of 2021, which ensures a quality indoor climate and energy savings in consumption, but high energy prices in monetary terms have exceeded all previous levels of consumption costs. The rise in Euribor in the second half of the year has had a significant impact and this is a keyword that will significantly affect the operating result in the coming years.

Investments In 2019, planning for the internal and external renovation of Järve Centre was started, and the internal renovation of the first stage of the centre was successfully implemented in 2021.

Planning for external renovation continued in 2021 and 2022, with the renovation scheduled for 2023 activities. During the external renovation of the centre, the exterior facades, entrances and parking areas, the safety and accessibility of pedestrian paths will be renovated. Järve Shopping Centre continues with development activities aimed at keeping up with customer expectations and increasing long-term profit and market share. In the longer term, this is the Järve City detailed plan, which is the gateway to two city districts, Kristiine and Nõmme. As a result of this activity, a vision competition is taking place, the aim of which is to get the best urban vision for the preparation of a detailed plan. The area is the Järve high-rise thematic planning area, with a gross area of approximately 316 thousand square meters.

Management and Employees

The board of Järve Shopping Centre Ltd consists of two members - Key Kunman and Vello Kunman. The council consists of three members - Sirje Kunman, Kea Kunman and Kerstin Kunman. The average number of employees of Järve Shopping Centre was 6 employees in the reporting year (5 employees in 2021), labour costs amounted to 315,275 euros in the reporting year (223,236 euros in 2021).

Social and Environmental Impacts

The activities of Järve Shopping Centre Ltd do not have social and environmental impacts.

Main financial ratios 31.12.2022 31.12.2021

Sales revenue, € 9 786 452 8 503 844

Turnover growth, % (change in sales revenue / sales revenue in the previous 15.08 8.85 period) * 100

Net profit, € 3 460 195 5 704 031

Net profitability, % (net profit / sales revenue) * 100 35.36 67.08

Liquidity ratio (current assets / short-term liabilities) 1.70 0.98

ROA, % (net profit / average assets) * 100 5.81 10.74

ROE, % (net profit / average equity) * 100 7.01 12.57

Real estate rental income, € 7 150 093 6 411 734

Rental income growth, % (change in rental income / rental income in the previous 11.52 8.88 period) * 100