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Year-end report Quartiers Properties 2023

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Quartiers Properties AB (publ) today publishes the company's year-end report for 2023.

EBITDA adjusted for previous revaluations of sold apartments: SEK 106.9 million.

 

January - December 2023

  • Net sales amounted to 329 790 (203 387) TSEK, corresponding to a growth of 62%.
  • Operating profit before depreciation (EBITDA) amounted to SEK 55,225 (-7,208) thousand, corresponding to an improvement of SEK 62,433 thousand compared to the previous year. EBITDA adjusted for previous revaluations of apartments sold during the period totalled SEK 106,853 thousand.
  • Revenue from operator activities totalled SEK 99,404 thousand (89,116), corresponding to growth of 12%. Income from the disposal of properties during the period totalled SEK 230,386 thousand (114,271) and relates to the sale of 26 apartments in the Hacienda Collection and the Altura160 project in Benahavís.
  • The company's cash flow from operating activities including divestment of operating properties amounted to SEK 94,328 (30,592) thousand. 
  • Gross profit improved by TSEK 64,678 and amounted to TSEK 63,249 (-1,429).
  • The result after tax amounted to 6 628 (-41 923) TSEK.
  • Earnings per share for the period 1 January - 31 December 2023 amounted to SEK 0.11 (-0.79). 
  • Reported equity as of 31 December 2023 amounted to 238 476 (240 380) TSEK.
  • The company's net asset value as of 31 December 2023 amounted to SEK 280,865 thousand (315,342), corresponding to SEK 4.87 (5.47) per share. The net asset value has been adjusted for the preference shareholders' share of equity corresponding to SEK 81,238 thousand, and accumulated unpaid dividends and penalty interest on unpaid dividends of SEK 26,268 thousand corresponding to SEK 3.88 per preference share.

 

October - December 2023   

  • The fourth quarter recorded net sales of SEK 147,595 thousand (36,032). Of net sales, property sales accounted for SEK 131,750 thousand (20,283), of which sales of Altura 160 contributed SEK 104,520 thousand and apartment sales SEK 27,230 thousand. Revenue from operator activities amounted to SEK 15,845 thousand (15,749).  
  • Operating profit before depreciation (EBITDA) amounted to SEK 51,907 thousand (-7,541), of which the capital gain on the sale of Altura 160 amounted to SEK 62,318 thousand.
  • The company's operating cash flow including property sales was recorded at SEK 33,959 thousand (-465).
  • Gross profit amounted to 55 317 (-3 945) TSEK.
  • Profit after tax amounted to 28 778 (-18 339) TSEK. Earnings per share amounted to SEK 0.50 (-0.32).

 

Significant events in the THIRD quarter

  • On 4 October, the company entered into a cooperation agreement with Nowonomics AB (publ) and its subsidiary Nowo Fund Management AB regarding the establishment and marketing of joint property funds. As part of the collaboration, Quartiers Properties is investing a total of SEK 12.6 million in Nowonomics AB via two directed issues, the first of which, totalling SEK 6.3 million, was carried out in October.
  • On 14 November, the sale of the Altura160 project in Benahavís to Taylor Wimpey de España S.A.U. was completed. The purchase price, translated at the current exchange rate, amounted to the equivalent of SEK 104.7 million and the reported profit amounted to SEK 62.3 million.
  • The company's CEO Marcus Johansson Prakt, who has led the company since 2018, announced his resignation in December. Marcus will remain as CEO until a successor is appointed, but no later than 12 June when the notice period expires. 

 

Significant events after the end of the period

  • In January, the second part of the investment in Nowonomics of SEK 6.3 million was completed.

 

The CEO speaks

As I round off my role as CEO, I would first of all like to emphasise the significant financial successes we have achieved in the fourth quarter. With net sales of 147,595 TSEK, an EBITDA of 51,907 TSEK, and a profit before tax of 42,234 TSEK, our work and strategy have clearly proven to be successful. These figures confirm our strong position and our ability to deliver exceptional value to our shareholders.

 

Looking ahead, I am enthusiastic about the goals that now lie ahead of us, goals that I have full confidence that our board and organisation will successfully implement. A key focus area is to leverage our deep operational expertise to grow our property portfolio. This strategy is not only crucial for expanding our business but also for strengthening our market position.

 

Furthermore, the ambition is to capitalise on our success with Boho Club as a brand by establishing Boho Club in new, strategic locations. Boho Club has established itself as a distinctive and sought-after brand in the luxury segment, and the expansion of this concept will be a driver for our future growth.

 

Another exciting development is our work to obtain new development rights for Boho Club and Centro Forestal Sueco. Our vision is to create up to 300 new rooms on these sites, which would not only expand our offering but also significantly increase our value and attractiveness in the market. This work reflects our strategy to actively manage and develop our properties to maximise their potential and contribute to our long-term success.

 

These objectives are part of a larger plan to continue to drive Quartiers Properties forward, to create sustainable growth and to deliver even greater value to our shareholders and other stakeholders. With the solid foundations we have laid and the strategic guidelines we are following, I am convinced that the company is well positioned to face the future with success.

 

When I now hand over the baton, I do so with great confidence in our Board, our management and all our employees. I look forward to seeing Quartiers Properties continue to flourish and achieve new successes.

 

With a look to the future and with many thanks for a great time together,

 

Marcus Johansson Prakt
Chief Executive Officer

Quartiers Properties AB (publ) is required to disclose this information under the EU Market Abuse Regulation. This information was provided for publication through the agency of the contact person above at 08.00 a.m. on 22 February 2024.

If you have any questions, please contact

Quartiers Properties

Marcus Johansson Prakt, CEO
E-mail: marcus.prakt@quartiersproperties.se
Phone: +46 72-018 5998
Website: www.quartiersproperties.com

Briefly about the company
Quartiers Properties is a property development company at the leading edge of design and quality, operating on Spain's Costa del Sol. The company was founded in 2014.

Quartiers Properties owns and operates Boho Club, a boutique resort with a restaurant and 40 hotel rooms on the Golden Mile in Marbella. The project has won awards for its design and architecture, and since its launch in 2019, both the hotel and restaurant have established themselves as leading operations in Marbella. Visit the Boho Club website www.bohoclub.com to book a hotel room or a table at the restaurant. The restaurant is open daily for breakfast, lunch and dinner.

Mangold is the Company's Certified Adviser. Mangold can be reached on telephone number 08-503 015 50 or e-mail ca@mangold.se.

 

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