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's activity report 2022

The parent company of the consolidation group, Avaare Kinnisvara OÜ, was established in 2010. The group also includes Tähering Invest OÜ (established in 2012), of which the parent company owns 71.05%, Raadiraja OÜ (established in 2020), of which the parent company owns 100%, and Põhjaringi OÜ (established in 2021), of which the parent company owns 50%. The consolidation group has a team of specialists and construction engineers with long-term previous experience in developing project solutions for many buildings, construction and management.

Applying the relevant knowledge, the group's main activities are: (cid:127) investing in real estate developments (cid:127) preparation of detailed plans (cid:127) project management (cid:127) real estate management (cid:127) construction activity on a smaller scale In 2022, the main area of activity was investing in real estate development. The construction of apartment buildings started in 2019 continued

In the Linnupargi development on the side of Ihaste põik street and the sale of apartments. The sale of apartments on Lubja street property ended. In 2023, the construction of apartment buildings and the sale of apartments will continue, with the addition of the Raadiraja development area.

Consolidation group structure

The consolidation group includes the consolidating unit Avaare Kinnisvara OÜ and the consolidated units as subsidiaries Tähering Invest OÜ,

Raadiraja OÜ and Põhjaringi OÜ. Põhjaringi OÜ was acquired in December 2021 with a nominal capital of 1250 euros, a 50% stake, paying 356 thousand euros for it.

Consolidation group's economic activity

The main activity is the construction of apartment buildings and the main source of income is the sale of apartments. In 2020, the subsidiary Raadiraja OÜ was established with a non-monetary contribution, in 2021, 50% of the newly established company Põhjaringi OÜ was purchased, the stake in which is planned to be increased in 2023.

Consolidated sales revenue in 2022 was 17.6 million euros, in 2021 it was 9.6 million euros. Sales revenue increased by 85% compared to 2021.

In 2022, the VI, VII and VIII construction stages in the Linnupargi development were completed, all apartments were sold. In 2023, the unfinished stages will continue. In 2021, the construction of the Lubja 1E apartment building was started, which was completed in 2022. In 2023, it is planned to start building apartment buildings on Raadiraja.

Main consolidated financial ratios and indicators of Avaare Kinnisvara

Year 2022 2021

Sales revenue in euros 17 653 407 9 552 691

Sales revenue growth % 85 51

Operating profit in euros 1 828 964 1 025 334

Operating profit margin % 10.4 10.7

Net profit in euros 2 989 022 1 300 792

Net profit margin % 16.9 13.6

ROA or return on assets % 17.8 8.1

ROE or return on equity % 26.1 14.6

Operating profit margin = Operating profit/ Sales revenue

Net profit margin = Net profit/ Sales revenue

ROA = Net profit/ value of assets

ROE = Net profit/ value of equity