Interim report Quartiers Properties January - March 2024

Quartiers Properties AB (publ) today publishes the company's interim report for the first quarter of 2024.

EBITDA improved by 34% in the seasonally weak first quarter.  

January - March 2024

• Revenue from operator activities totalled SEK 15,476 (13,581) thousand, corresponding to growth of 14%.
• Income from the sale of properties during the period totalled SEK 13,963 thousand (44,570) and relates to the sale of three apartments in the Hacienda Collection.
• Operating profit before depreciation and amortisation (EBITDA) amounted to SEK -5,754 thousand (-8,737), corresponding to an improvement of SEK 2,983 thousand compared with the previous year.
• The company's cash flow from operating activities including the disposal of operating properties amounted to -9 201 (28 370) thousand SEK.
• Gross profit improved by SEK 1,810 thousand and totalled SEK -4,872 (-6,682) thousand.
• The result after tax totalled SEK -20,212 thousand (-13,437). The worse result is mainly due to the write-down of market-valued financial assets by SEK 8,812 thousand (0).
• Earnings per share for the period 1 January - 31 March 2024 amounted to SEK -0.35 (-0.23). 
• Reported equity as of 31 March 2024 amounted to SEK 222 789 thousand (225 448). 

Significant events during the first quarter

• In January, the second part of the investment in Nowonomics of SEK 6.3 million was completed as part of the collaboration that began in autumn 2023.
• On 1 April, Andreas Bonnier took over as the new CEO.

Significant events after the end of the period.

• After the end of the quarter, four more apartment sales were contracted, of which one was finalised.
• No other significant events have occurred after the end of the financial year.

The CEO has the word

It is with great pleasure and a deep sense of responsibility that I write this CEO letter. As co-founder and board member, I am proud to now also take over the operational responsibility for the business which, during the first seasonally weak quarter, is recording growth in our most important business line, namely the hotel property part. After a 2023 where we successfully streamlined the business, this is where our current focus for growth lies.

The successful property sale of apartments that formed the basis of our streamlining strategy will soon be completed and we will now be able to focus fully on the hotel business. In terms of brand and property projects, I knew we had a great asset in Boho Club and CFS. My focus recently has therefore been on optimising the operational side and the value-adding organisation. Of course, there are always aspects to improve and fine-tune, but I am pleased to confirm the strength of this too. I therefore believe that the company is now ready to expand both hotel operations and ownership of hotel properties, first and foremost in Spain, but soon also in other European countries.

In more concrete terms, I intend to seek and initiate strategic partnerships that will enable us to focus on what we do best, developing and operating hotel properties. The focus is therefore on establishing a structure that gives us access to capital through partnerships where our expertise in concept development and operations is valued. Boho Club, our award-winning hotel, exemplifies what we can achieve and will be the brand we will focus our expansion on.

At home in Marbella and Costa del Sol, we continue to work on the development of our Golden Mile properties. We have now started work on the architectural and conceptual development of our future hotel project to create a concept that will set us apart.

We are actively working with the municipality and authorities to move this issue forward as quickly as possible and I look forward to announcing when we reach the next major milestone in this process.

The future looks incredibly exciting, and every step we take is part of the journey to fully realise the potential of the company. Now is the start of an expansive chapter.

Thank you for your continued support and trust.

Yours sincerely

Andreas Bonnier
CEO Quartiers Properties

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 16 May 2024.

In case of any questions:

Quartiers Properties

Andreas Bonnier, CEO
E-mail: andreas.bonnier@quartiersproperties.se

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.