Market announcement
Arco Vara AS
LEI code
097900BHCB0000066171
Size of the entity
Small group
Economic activities
Professional, Scientific and Technical Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
10121
Attachments
Submission date and time
16.02.2023 09:51:42
Content of announcement in Estonian
Title
Arco Vara 2022. aasta IV kvartali ja 12 kuu konsolideeritud auditeerimata vahearuanne
Message
JUHATAJA KOMMENTAARID Vaadeldes tagasi eelmisele kvartali kinnisvaraturule, saab seda iseloomustada vaid sõnaga "ootus". Paistab, et ostjatel on ootus kinnisvara müügihindade langemisele ja müüjatel ootus intressimäärade tõstmise rahunemise suunas. Tegelikult oodatakse uue reaalsusega harjumist. Kodulahe Kvartalis jätkab Arco Tarc planeeritult ehitustegevust. Oleme end häälestanud müügiperioodiks 2023. aasta teises pooles, mil meie hinnangul kasvab nõudlus optimaalsete ülalpidamiskuludega korteritele ning intressimäärad on stabiliseerumas. Sellele aitab kaasa ehitustegevuse üldine langus 2022. ja 2023. aastal. Sealjuures soosivad Arco Vara maapanga ülesehitus ja arenduses projektid selgelt tegevusmahtude edasist tõstmist. Bulgaaria eramuarendus Botanica Lozen Residences on jõudnud ehituse alguseni, kus hetkel on käimas vundamendi- ja kaevetööd. Esimeses etapis ehitatavast 16st kodust on ühele hoonele sõlmitud broneerimisleping. Tuleb ära mainida, et Bulgaaria ei ole seotud Euroopa Keskpanga baasintressimäärade tõusuga ning kohalik baasintressimäär on tõusnud 1,3%-ni, mis hoiab energiat üleval ka sealsel kinnisvara müügiturul. Möödunud kvartali tulemustest jääb silma ligi 800 tuhande euro suurune kahjum, mille oluline komponent on seotud juhatuse otsusega peale 10-aastaseid jõupingutusi teenida stabiilset üüritulu, müüa Madrid BLVD hoone. Otsus on seotud Arco Vara ootusega teenida 20% omakapitali tootlust aastas, mida ettevõte ärikinnisvara rentides ei ole suutnud. Vabanev 4,1 miljonit eurot suunatakse arendustegevusse ehk hoone müügist tulenev ühekordne kahjum ei ole väärt kapitali edasist puuris hoidmist. Finantsnäitajatele keskendudes saab positiivseks pidada kõrget likviidsuse taset ning madalat laenuintressi tõusu, mille võimaldasid varasemad fikseeritud intressimääraga laenulepingud, mis ka edasistes perioodides hoiavad Arco Vara intressikulusid kontrolli all. Kokkuvõtvalt on ettevõtte eesmärgid jäänud samaks ja jätkame ettevõtte vundamendi tugevdamist jõudmaks klientidele müüa vähemalt 200 kodu aastas. 2023. aasta peamiseks eesmärgiks on suurendada arenduses olevate ühikute arvu, kuid juba käimasolevates arendustes peame suuremat rõhku suunama innovatsioonile luues järgmisel tasemel Arco Vara. PÕHILISED NÄITAJAD Grupi 2022. aasta IV kvartali müügitulu oli 327 tuhat eurot, mis on 1% vähem kui 2021. aasta IV kvartali müügitulu 330 tuhat eurot. Grupi 2022. aasta 12 kuu müügitulu 13 494 tuhat eurot on 16% suurem kui 2021. aasta 12 kuu müügitulu 11 613 tuhat eurot. 2022. aasta IV kvartali ärikahjumiks (=EBIT) kujunes 723 tuhat eurot ja puhaskahjumiks -811 tuhat eurot (12 kuud 2022: ärikasum 1 062 tuhat eurot ja puhaskasum oli 695 tuhat eurot). 2021. aasta IV kvartalis sai grupp ärikahjumit 155 tuhat eurot ja puhaskahjumit 354 tuhat eurot (12 kuud 2021: ärikasum 2 569 tuhat eurot ja puhaskasum oli 2 071 tuhat eurot). 2022. aasta IV kvartalis müüdi grupi poolt arendatavates projektides 12 parkimiskohta (12 kuuga kokku 72 korterit ja 1 maa Lätis). 2021. aasta IV kvartalis kuulus käibesse samuti vaid garaazhide lõppmüük, kuid 12 kuuga müüdi lisaks 63 korterit ja 2 äripinda. Grupi laenukoormus (netolaenud) tõusis 2022. aasta 12 kuuga 5 341 tuhande euro võrra, tasemele 14 662 tuhat eurot 31.12.2022 seisuga. Grupi intressikandvate kohustuste kaalutud keskmine intressimäär oli 31.12.2022 seisuga 5,8%, mis on 0,6% võrra suurem võrreldes 31.12.2021 seisuga. TEGEVUSTE ARUANNE Grupi müügitulu oli 2022. aasta IV kvartalis 327 tuhat eurot (IV kvartal 2021: 330 tuhat eurot) ja 12 kuuga 13 494 tuhat eurot (12 kuud 2021: 11 613 tuhat eurot), sealhulgas kinnisvara müük grupi enda arendus-projektides moodustas IV kvartalis 89 tuhat eurot ja 12 kuuga 12 426 tuhat eurot (2021. aasta: IV kvartalis 37 tuhat eurot ja 12 kuuga 10 478 tuhat eurot). Muust müügitulust moodustas suurema osa kaubandus- ja kontoripindade rendi- ja haldustulu Madrid Blvd hoonest Sofias, mis 2022. aasta IV kvartalis oli 161 tuhat eurot ja 12 kuuga 756 tuh eurot (2021. aasta IV kvartalis 202 tuhat eurot ja 12 kuuga 810 tuhat eurot). Käesoleva aruande ilmumise ajal oli kõik rendivalmis kontoripinnad välja renditud, samuti olid kõik kaubanduspinnad kaasnevate parkimiskohtadega välja renditud. 9% kontoripinnast on renoveerimises. Madridi hoonel on pooleli müügiprotsess, mis prognooside järgi jõuab lõpule 2023. aasta II kvartalis. Hoone müügist ei saada 2023. aastal kasumit ega kahjumit, sest allahindlused kajastati 2022. aastas. Tehing ei kajastu müügitulus, kuna tegemist on kinnisvarainvesteeringu müügiga. Tehingust oodatakse 4,1 miljoni euro väärtuses omakapitali vabanemist. 2022. aastal loodi ehitusettevõte Arco Tarc OÜ, mis pani aluse uuele ärisegmendile. Pakutakse grupisisesest ehitusteenust fikseeritud kasumimarginaaliga 4%. Kodulahe IV-V etapi hoonete ehitus lõppes 2022. a II kvartalis. Valmis kaks 36 korteriga eluhoonet aadressile Pagi 3 ja Pagi 5. Hoonete müügitulu kajastub 2022. aruandes, müümata kortereid ei ole. Rannakalda ehk Kodulahe projekti VI etapi müük ja ehitus aadressil Lammi 8 algasid 2022. aasta veebruaris. Hoone peatöövõtjaks on Arco Vara enda ehitusettevõtte Arco Tarc OÜ. Ehitamises on paviljon, 4 teeninduspinda ja 108 korterit (kolme eraldiseisva kortermajana), millest paljud on merevaatega. Üks korterelamud saab valmis 2023. aasta lõpus, teised majad 2024. aasta alguses. Kvartaliaruande avaldamise kuupäevaks on 113 pinnast 42 eelmüüdud. Arco Vara tütarettevõte Aktsiaselts Kolde sõlmis 2021. aastal lepingu maa ostuks Harku järve kaldale, aadressile Paldiski mnt 124b, Tallinn. Arendamisele tuleb enam kui 35 000 m(2) elamu- ja ärikinnisvara (brutoehitusmaht), mille oodatav arendusperiood on 6 aastat. Projekti nimeks on Arcojärve. Projekti esimese etapi ehituse algus on planeeritud 2024. aastasse. Pirita Kuldlehe projektis on plaanis 2023. aastal ehitada 5 koduga eksklusiivne ning kvaliteetne kobarelamu. Teede ja kommunikatsioonide ehitus on lõppenud. Maja valmib aasta jooksul. Projekti müük on alanud. Botanica Lozeni projekt näeb ette 54 kodu (eramud) rajamist kolmes etapis. Esimese 16 hoone ehitus ja müük on alanud. Kogu projekti ehitusaeg on vähemalt 2 aastat. Lätis oli 31.12.2022 ja vahearuande avaldamise kuupäeva seisuga varudes 3 Marsili elamukrunti. KONSOLIDEERITUD KOONDKASUMIARUANNE ------------------------------------------------------------------------------- In thousands of euros 12m 2022 12m 2021 Q4 2022 Q4 2021 ------------------------------------------------------------------------------- Revenue from sale of own real estate 12,426 10,478 89 37 Revenue from rendering of services 1,068 1,135 238 293 Total revenue 13,494 11,613 327 330 Cost of sales -10,913 -8,578 -248 -123 Gross profit 2,581 3,035 79 207 Other income 212 258 3 -14 Marketing and distribution expenses -249 -200 -96 -91 Administrative expenses -1,118 -1,106 -354 -475 Other expenses -14 -76 -5 -18 Gain/loss on revaluation of investment property -350 658 -350 236 Operating profit/loss 1,062 2,569 -723 -155 Financial costs -367 -390 -88 -91 Profit/loss before tax 695 2,179 -811 -246 Income tax 0 -108 0 -108 Net profit/loss for the period 695 2,071 -811 -354 Total comprehensive income/ loss for the period 695 2,071 -811 -354 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Earnings per share (in euros) - basic 0.07 0.22 -0.08 -0.03 - diluted 0.07 0.22 -0.08 -0.03 ------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE ------------------------------------------------------------------------------- In thousands of euros 31 December 2022 31 December 2021 ------------------------------------------------------------------------------- Cash and cash equivalents 3,427 1,863 Receivables and prepayments 4,387 3,701 Inventories 22,511 15,761 Investment property for sale 9,050 0 Total current assets 39,375 21,325 Receivables and prepayments 18 5 Investment property 82 9,943 Property, plant and equipment 284 154 Intangible assets 46 87 Total non-current assets 430 10,189 TOTAL ASSETS 39,805 31,514 Loans and borrowings 5,255 6,043 Payables and deferred income 3,681 2,368 Total current liabilities 8,936 8,411 Loans and borrowings 12,834 5,141 Total non-current liabilities 12,834 5,141 TOTAL LIABILITIES 21,770 13,552 Share capital 7,272 7,272 Share premium 3,835 3,835 Statutory capital reserve 2,011 2,011 Retained earnings 4,917 4,844 Total equity attributable to owners of the parent 18,035 17,962 TOTAL EQUITY 18,035 17,962 TOTAL LIABILITIES AND EQUITY 39,805 31,514 ------------------------------------------------------------------------------- Tiina Malm Finantsjuht Arco Vara AS Tel: +372 614 4630 www.arcovara.com
Content of announcement in English
Title
Arco Vara unaudited consolidated interim report for Q4 and 12 months of 2022
Message
GROUP CEO'S REVIEW Looking back on the real estate market of the previous quarter, the only word to describe it is "expectant". Buyers seem to expect for sales prices of real estate to drop and sellers for the increase of interest rates to settle down. Therefore, people are actually expecting an adjustment to the new reality. Arco Tarc is continuing construction in Kodulahe Kvartal as planned. We have prepared for a sales period in the second half of 2023 where we foresee an increased demand for apartments with optimal utility costs and stabilizing interest rates. This is supported by an overall drop in construction activities in 2022 and 2023. At the same time, the composition of the Arco Vara land bank and projects in development are clearly advantageous to a further increase of operating volumes. Construction has begun in the Bulgarian residential development Botanica Lozen Residences, currently undergoing foundation and digging works. A booking contract has been concluded on one building out of the 16 homes to be built in the first stage. It should be noted that Bulgaria is not tied to the increase of base interest rates of the European Central Bank and the local base interest rate has increased to 1.3%, maintaining the spark in the real estate sales market of the country. From the results of the previous quarter, a loss of nearly 800 thousand euros stands out, a significant part of which is related to the resolution of the board to sell the building at Madrid BLVD after 10 years of efforts to generate stable rental income. The decision is connected to Arco Vara's expectation to generate 20% ROI per year, which the company has not managed by leasing commercial real estate. The released 4.1 million EUR will be redirected to development, i.e., the single loss of the sale of the building does not outweigh the capital being tied up any further. When looking at financial indicators, the high level of liquidity and the low increase of loan interest can be considered a positive sign, facilitated by earlier loan contracts with a fixed interest rate which will keep the interest expenses of Arco Vara under control in future periods as well. In summary, the objectives of the company have remained the same and we will continue to strengthen the foundation of the company to be able to sell at least 200 homes per year to customers. The primary goal for 2023 is to increase the number of units under development, but we must focus more on innovation in existing developments to create Arco Vara on the next level. KEY PERFORMANCE INDICATORS In Q4 2022, the group's revenue was 327 thousand euros, which is 1% less than the revenue of 330 thousand euros in Q4 2021. In 12 months 2022, the group's revenue was 13,494 thousand euros, which is 16% more than the revenue of 11,613 thousand euros in 12 months 2021. In Q4 2022, the group's operating loss (=EBIT) was 723 thousand euros and net loss 811 thousand euros (in 12 months 2022: operating profit 1,062 thousand euros and net profit of 695 thousand euros). In Q4 2021, the group had operating loss of 155 thousand euros and net loss of 354 thousand euros. In 12 months 2021, the group made operating profit of 2,569 thousand euros and net profit of 2,071 thousand euros. In Q4 2022, 12 parking places were sold in projects developed by the group (in 12 months 2022: 72 apartments and a land plot in Latvia). In Q4 2021, also only garages were sold (in addition, 63 apartments and 2 commercial spaces in 12 months). In the 12 months of 2022, the group's debt burden (net loans) increased by 5,341 thousand euros up to the level of 14,662 thousand euros as of 31 December 2022. As of 31 December 2022, the weighted average annual interest rate of interest-bearing liabilities was 5.8%. This is an increase of 0.6 percentage points compared to 31 December 2021. OPERATING REPORT The revenue of the group totalled 327 thousand euros in Q4 2022 (in Q4 2021: 330 thousand euros,) and 13,494 thousand euros in 12 months 2022 (in 12 months 2021: 11,613 thousand euros), including revenue from the sale of properties in the group's own development projects in the amount of 89 thousand euros in Q4 and 12,426 thousand euros in 12 months 2022 (2021: 37 thousand euros in Q4 and 10,478 thousand euros in 12 months). Most of the other revenue of the group consisted of rental and property management services income from commercial and office premises in Madrid Blvd building in Sofia, amounting to 161 thousand euros in Q4 2022 and 756 thousand euros in 12 months (2021: 202 thousand euros in Q4 and 810 thousand euros in 12 months). By the time of publishing the present report, 2 offices remain vacant, but all commercial spaces, together with parking places, were rented out. 9% of the office is in renovation. In 2022, the construction company Arco Tarc OÜ was established, which laid the foundation for a new business segment. The construction service is offered intra-group with a fixed profit margin of 4%. The construction of the IV-V stage buildings in Kodulahe ended in 2022. Two residential buildings with 36 apartments were completed at Pagi 3 and Pagi 5. The income from the sale of buildings is reflected in the 2022 report, there are no unsold apartments. The construction and sale of the Stage VI of Kodulahe project called Rannakalda at Lammi 8 started in February 2022 by Arco Vara's own construction company Arco Tarc OÜ. The construction includes a pavilion, 4 commercial areas and 108 apartments (in three separate buildings), out of which many have sea view. One of the apartment buildings will be ready at the end of 2023, the ohter houses at the beginning of 2024. As at the date of publishing the annual report, 42 units out of the 113 have been presold. A subsidiary of Arco Vara, Aktsiaselts Kolde, in 2021 signed an agreement for land acquisition beside Lake Harku, address Paldiski road 124b, Tallinn. More than 35,000 m(2) of residential and commercial real estate (GBA) is planned for development. The project is called Arcojärve. The expected development period is 6 years with the start of construction planned for 2024. In the Pirita Kuldlehe project, it is planned is to build an exclusive and high- quality cluster house with 5 homes in 2023. The construction of roads and communications has been completed. The house will be completed within a year. The sale of the project has started. The Botanica Lozen project foresees construction of 54 homes (houses) in three stages. The construction and sale of the first 16 buildings has started. Minimum construction period for the whole project is 2 years. As of 31 December 2022 and the date of this report, 3 Marsili residential plots remained unsold in Latvia. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ------------------------------------------------------------------------------- In thousands of euros 12m 2022 12m 2021 Q4 2022 Q4 2021 ------------------------------------------------------------------------------- Revenue from sale of own real estate 12,426 10,478 89 37 Revenue from rendering of services 1,068 1,135 238 293 Total revenue 13,494 11,613 327 330 Cost of sales -10,913 -8,578 -248 -123 Gross profit 2,581 3,035 79 207 Other income 212 258 3 -14 Marketing and distribution expenses -249 -200 -96 -91 Administrative expenses -1,118 -1,106 -354 -475 Other expenses -14 -76 -5 -18 Gain/loss on revaluation of investment property -350 658 -350 236 Operating profit/loss 1,062 2,569 -723 -155 Financial costs -367 -390 -88 -91 Profit/loss before tax 695 2,179 -811 -246 Income tax 0 -108 0 -108 Net profit/loss for the period 695 2,071 -811 -354 Total comprehensive income/ loss for the period 695 2,071 -811 -354 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Earnings per share (in euros) - basic 0.07 0.22 -0.08 -0.03 - diluted 0.07 0.22 -0.08 -0.03 ------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION ------------------------------------------------------------------------------- In thousands of euros 31 December 2022 31 December 2021 ------------------------------------------------------------------------------- Cash and cash equivalents 3,427 1,863 Receivables and prepayments 4,387 3,701 Inventories 22,511 15,761 Investment property for sale 9,050 0 Total current assets 39,375 21,325 Receivables and prepayments 18 5 Investment property 82 9,943 Property, plant and equipment 284 154 Intangible assets 46 87 Total non-current assets 430 10,189 TOTAL ASSETS 39,805 31,514 Loans and borrowings 5,255 6,043 Payables and deferred income 3,681 2,368 Total current liabilities 8,936 8,411 Loans and borrowings 12,834 5,141 Total non-current liabilities 12,834 5,141 TOTAL LIABILITIES 21,770 13,552 Share capital 7,272 7,272 Share premium 3,835 3,835 Statutory capital reserve 2,011 2,011 Retained earnings 4,917 4,844 Total equity attributable to owners of the parent 18,035 17,962 TOTAL EQUITY 18,035 17,962 TOTAL LIABILITIES AND EQUITY 39,805 31,514 ------------------------------------------------------------------------------- Tiina Malm CFO Arco Vara AS Phone: +372 614 4630 www.arcovara.com