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's activity report 2022

Kodusadam OÜ was established in December 2014 and its main activity is real estate development in the Noblessner harbor district with a colorful history and unique atmosphere. The aim of developing the Noblessner harbor district is to create a safe and distinctive living environment, valuing the unique historical heritage and picturesque seaside location.

The human-friendly urban space is ensured by traffic and parking directed underground, landscaped private courtyards and spacious squares.

The Tallinn residential real estate market was very volatile in 2022. The market, which was active at the beginning of the year, changed significantly after the start of the war in Ukraine, as in addition to the ongoing pandemic, a serious security crisis has arisen. Construction input prices rose, developers therefore significantly increased apartment prices, while buyer confidence and purchasing power decreased. The volume of apartments in new developments that have gone into construction has decreased, the number of offers remains the same, as the sales volume has fallen many times over.

Tens of thousands of war refugees have arrived in Estonia, who need temporary accommodation. Ukrainian construction workers have returned to their homeland, causing a labor shortage at construction sites and due to sanctions against Russia and Belarus, there have been major disruptions in the supply of construction materials. Energy prices have risen to record highs over the year. The above increases the construction price and extends deadlines in already started developments and reduces profit margins. Developers are rather waiting to start new developments.

OÜ Kodusadam started developing the Noblessner I residential quarter in 2016, when the construction and sale of the Staapli quarter residential and commercial buildings began. In 2019, OÜ Kodusadam started development activities in the Noblessner II phase development areas, when the design work for the Vesilennuki 18/Lennusadama 3 buildings and the Allveelaeva 4 building was started, for which construction permits were issued in 2020. Construction work on Vesilennuki 18/Lennusadama 3 started at the beginning of 2021 and construction work on Allveelaeva 4 started at the end of 2021. The construction works include a total of six apartment buildings with 309 apartments and 25 commercial spaces, of which

The Vesilennuki 24 and Vesilennuki 22 apartment buildings with 60 apartments and 6 commercial spaces were completed at the end of 2022, 48 property contracts were concluded. Construction activity will continue in 2023, with plans to complete the construction of Vesilennuki 16, 18 and 20 buildings and

Continue the construction of the Allveelaeva 4 building.

Due to the peculiarities of development activities and their accounting principles, the company's activities have a strong cyclical impact. When a building development stage is completed and sold, sales revenue is reflected in the period, while no income is earned during the development period, which caused a net loss in 2021. The net profit for 2022 was 1,804,318 euros (2021: net loss of 54,668 euros).

The company has no employees. The board of the company consists of two members, who are not paid a salary.

Financial indicators and ratios 2022 2021

Gross profit margin % 13.2 12.1

Operating profit margin % 12.4 -13.3

Net profit margin % 12.4 -13.3

Equity ratio % 15.2 25.2

Short-term liabilities coverage ratio Times 1.2 1.3

Ratio definitions

Gross profit margin % Gross profit / Sales revenue

Operating profit margin % Operating profit / Sales revenue

Net profit margin % Net profit / Sales revenue

Equity ratio % Equity / Total assets

Short-term liabilities coverage ratio Current assets / Short-term liabilities