Arco Vara unaudited consolidated interim report for Q1 of 2024 - Seite 2

In Q1 2024, the group’s operating loss (=EBIT) was 208 thousand euros and net loss 349 thousand euros. In Q1 2024, the group had an operating loss of 184 thousand euros and net loss of 291 thousand euros.

In Q1 2024, 3 apartments and 1 commercial premise were sold. In Q1 2023, final sales were formalized for only 1 parking space in the projects developed by the group.

In the first 3 months of 2024, the group’s debt burden (net loans) increased by 1,951 thousand euros up to the level of 10,559 thousand euros as of 31 March 2024. As of 31 March 2024, the weighted average annual interest rate of interest-bearing liabilities was 7.8%. This is a decrease of 0.4 percentage points compared to 31 December 2023.

OPERATING REPORT

The group's sales revenue was 990 thousand euros in Q1 2024 (Q1 2023: 253 thousand euros), including the sale of real estate in the group’s own development projects 927 thousand euros (7 thousand euros in Q1 2023).
Other sales revenue in 2024 mainly includes revenue from franchise fees of real estate agencies in Estonia, Latvia and Bulgaria. Franchise fees for the Q1 2024 were 55 thousand euros, franchise revenues for the Q1 2023 were 53 thousand euros.

In the most premium phase of Kodulahe, Rannakalda, a pavilion, 4 service areas and 108 apartments (as three separate apartment buildings), many of which have a sea view, have been completed. As of the publication date of the quarterly report, 71 of the 113 plots have been sold.

A subsidiary of Arco Vara, Arcojärve OÜ (previously called Kolde OÜ), in 2021 signed an agreement for land acquisition beside Lake Harku, address Paldiski road 124b, Tallinn. More than 35,000 m² of residential and commercial real estate (GBA) is planned for development. The project is called Arcojärve. As of 31.03.2024, the total advance payment for the land is 4,978 thousand euros. The subsidiary of Arco Vara is obliged to pay an additional 1,627 thousand euros for the purchase of the land within three months from the establishment of the detailed plan for the property by the Tallinn City Government, but no later than 30.04.2026. The start of the construction of the first stage is planned for the end of 2024.