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's activity report 2022

About the company

TTK Cultural Center OÜ (hereinafter "the company") is the owner of the business center located in the center of Tartu, a multifunctional built property Kvartal.

The main activity of the company is the rental, management and development of commercial premises in the said building. The Kvartal center has a total of approximately 55,000 square meters of total area, of which approximately 31,500 square meters are useful commercial space. In addition to retail and catering companies, the tenants of the commercial premises also include a hotel, spa, medical institutions, the Estonian Unemployment Insurance Fund, BigBank, Coop Tartu and IT company offices.

About the business environment in general

At the time of preparing the report, it is difficult to predict to what extent the continuation of the war in Ukraine and ongoing geopolitical tensions between Russia and Western countries will affect the economy.

The strongest impact on the world economy is manifested through a general decrease in confidence in Europe among both consumers and entrepreneurs. The impact of the war in a 1.5-year perspective is difficult to assess and since the situation is uncertain, we do not consider it appropriate to give a quantitative assessment of the possible impact on the company.

Financial results and risk mitigation In 2022, the company earned a profit of 3,832,112 euros with a turnover of 8,952,421 euros. To hedge financial and interest rate risks associated with loans, the company's management monitors the economic environment and the world economy, which affects the movement of Euribor. No separate transaction has been concluded to hedge interest rate risk at the moment.

Main ratios for the reporting year and the previous financial year and their calculation methodology:

Financial ratio Formula 2021 2022

Net working capital or working capital (thousand euros) Current assets-Short-term liabilities 715 1 553

Short-term debt coverage ratio (times)=

Current assets / Short-term liabilities 1.26 1.51

Liquidity ratio (times)

Payment readiness ratio (times) Cash / Short-term liabilities 1.12 1.29

Debt ratio (times) Total debt / Assets 0.67 0.62

Return on equity (ROE) % Reporting year profit/Equity 14.24% 16.73%

Period earned EBITDA/same

Loan coverage ratio (DSCR) 1.23 1.30 per. bank loan payments with interest

Bank loan balance/collateralized property

LTV ratio 49.22% 45.98% market value (Equity+subordinated loan-fixed assets

Equity ratio 40.39% 42.16% revaluation)/Balance sheet total

As of December 31, 2022, current assets exceeded the company's short-term liabilities by 1,553 thousand euros. The company's net working capital is positive, indicating that the company can cover all short-term liabilities.

In the opinion of the management, it is still an operating company.

Significant investments made during the reporting year and planned for the near future. Development plans for the following periods

During the reporting year, the former Zara commercial space was rebuilt into commercial and office and medical spaces. The largest investment for this and the following years is the construction of additional floors to the center. A building permit application has been submitted for the expansion of the building. The design of the building is in the final stage. The expansion of the building is divided into two stages, with the 1st stage adding approximately 6000 m2 of rental space.

In 2023, the company will continue its main activity, which is renting out real estate.

Board and council members

The board of the company is one-member and the council is four-member.