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
Half-yearly financial report
Unique data record identifier
10502
Attachments
Submission date and time
27.07.2023 10:00:00
Content of announcement in Estonian
Title
2023. aasta II kvartali ja 6 kuu konsolideeritud auditeerimata vahearuanne
Message
JUHATAJA KOMMENTAARID Arco Vara vaates läks kinnisvaraturu hingamine II kvartalis kergemaks, kuid selle arütmilise aktiivsuse ohutus saab selgemaks peale suvekuude lõppu. Euroopa Keskpanga baasintresside otsused on jätkuvalt kinnisvara- ja ehitussektori peamiseks suunamudijaks. Aeglustuv inflatsioonimäär süstib vähehaaval kindlust ka koduostjatele, mida ilmestab kvartaliga ligikaudu kolmekordne päringute arvu suurenemine. Eelmise kvartali lõpus astus Arco Vara suure sammu edasi jõudmaks aastas 200 kodu müümiseni ja sealjuures keskenduda elamukinnisvara arendamisele. Arco Vara Bulgaaria esimese arenduse, 2010. aastal ehitatud Madrid BLVD hoone müügiprotsess jõudis eduka lõpuni. Tehingu struktuurist tulenevalt tõusis teise kvartali lõpu seisuga ettevõtte bilansimaht ligikaudu 56 miljoni euroni, kuid antud juhul on tegemist raamatupidamisliku muutusega. Vabanenud ligikaudu 4 miljonit eurot kapitali planeerime investeerida uute kinnistute ostu ja käimasolevate arenduste projekteerimiseks. Bulgaarias jätkame ehitus- ja arendustegevust Botanica Lozen alal, mille esimese etapi 16-st kodust on ostjad leidnud 2 eramut. Samuti on Bulgaaria meeskond projekteerimas arenduse järgmist 24 eramuga projekti, mille ehituse algus on planeeritud järgmisse aastasse. Peamine aktiivsus Arco Vara Eesti arendustes on seotud Kodulahe Kvartaliga, mille Rannakalda etapp valmib juba selle aasta neljandas kvartalis. Käesoleva aruande ilmumise hetkeks on eelmüüdud 51 kodu ja 3 äripinda, mille eellepingute maht on ligikaudu 14,4 miljonit eurot. Tuginedes klientide huvile Kodulahe Kvartali vastu, alustasime ka järgneva etapi arhitektuurikonkurssi, mille detailplaneeringu kehtestamiseni soovime jõuda juba sel aastal. Järgmisel aastal alustatav Soodi tn 6 aadressiga kinnistu hõlmab endas ligikaudu 68 kodu ja 250 m² äripinda. Kuldlehe butiikhoone ehitus on läinud plaanipäraselt. Tuginedes Kodulahe statistikale, on huvi suurte korterite vastu hetkel külm, mistõttu võime ka eeldada pikemat müügiperioodi Kuldlehe viiele kodule. Sealsed kodud valmivad 2024. aasta esimeses pooles ja selleks ajaks võib oodata ka esimesi ostuhuvilisi. Oleme muutlikul perioodil olnud edukad Kodulahe Kvartali ja Madrid BLVD müügiprotsessis, mis vähendavad oluliselt ettevõtte finantseerimisriske praegusel "cash is king" perioodil, kus kapitali kaasamine on kulukas. Vabanenud kapitalile toel planeerime teisel poolaastal suurendada Arco Vara arendusmahte uute kinnistute näol ning IV kvartalis üle anda ligikaudu 65 uut kodu Kodulahes. PÕHILISED NÄITAJAD 2023. aastal ei ole kortermajasid veel valmimisjärku jõudnud, mistõttu arendustöö sisu vaadates ei ole kvartal eelmise aasta sama perioodiga võrreldav. Grupi 2023. aasta 6 kuu müügitulu 507 tuhat eurot on 94% väiksem kui 2022. aasta 6 kuu müügitulu 7 935 tuhat eurot. 2023. aasta II kvartali ärikahjumiks (=EBIT) kujunes 249 tuhat eurot ja puhaskahjumiks 347 tuhat eurot (6 kuud 2023: ärikahjum 433 tuhat eurot ja puhaskahjum oli 638 tuhat eurot). 2022. aasta II kvartalis sai grupp ärikasumit 1 023 tuhat eurot ja puhaskasumit 934 tuhat eurot (6 kuud 2022: ärikasum 1 126 tuhat eurot ja puhaskasum oli 950 tuhat eurot). 2023. aasta II kvartalis asjaõiguslepinguid ei sõlmitud (6 kuuga müüdi 1 parkimiskoht). 2022. aasta II kvartalis müüdi grupi poolt arendatavates projektides 41 korterit, 6 kuuga müüdi kokku 41 korterit ja 1 maa Lätis. Grupi laenukoormus (netolaenud) tõusis 2023. aasta 6 kuuga 1 178 tuhande euro võrra, tasemele 15 840 tuhat eurot 30.06.2023 seisuga. Kõik grupi laenulepingud on sõlmitud eurodes ja enamus laenukohustusi on fikseeritud intressimääraga, välja arvatud Tallinnas Lammi 6 maa finantseerimise laenul (mahus ca 3,5 miljonit eurot) on baasintressiks 6 kuu EURIBOR. Grupi intressikandvate kohustuste kaalutud keskmine intressimäär oli 30.06.2023 seisuga 6,0%, mis on 0,2% võrra kõrgem võrreldes 31.12.2022 seisuga. Laenukohustuste keskmise intressimäära kasvu põhjuseks on kõrgema intressimääraga lühiajalise arvelduslaenu kasutamine 2023. aasta suvel. Grupi raha ja raha ekvivalentide saldo 30.06.2023 seisuga oli 10 432 tuhat eurot (31.12.2022 seisuga 3 427 tuhat eurot). Ajutine kõrge rahasumma kontol on tingitud Madridi Blvd müügi ettemaksest, millest 4 888 tuhat tasuti käesoleva aruande ilmumise hetkeks Madrid Blvd tegevust finantseerinud pangale. TEGEVUSTE ARUANNE 2023. aasta II kvartalis kortermajasid ei valminud, mistõttu grupi müügitulu oli 254 tuhat eurot (2022. aasta II kvartalis oli müügitulu 7 633 tuhat eurot). Muust müügitulust moodustas suurema osa kaubandus- ja kontoripindade rendi- ja haldustulu Madrid Blvd hoonest Sofias, mis 2023. aasta II kvartalis oli 175 tuhat eurot ja 6 kuuga 371 tuhat eurot (2022. aasta II kvartalis 202 tuhat eurot ja 6 kuuga 406 tuhat eurot). Madridi hoonel oli 30.06.2023 seisuga pooleli müügiprotsess, mis jõudis lõpule 2023. aasta juulis. Hoone müügist ei saadud 2023. aastal kasumit ega kahjumit, sest allahindlused kajastati 2022. aastas. Tehing ei kajastu müügitulus, kuna tegemist on kinnisvarainvesteeringu müügiga. Tehingust vabanes 4,1 miljoni euro väärtuses omakapitali. Rannakalda ehk Kodulahe kõige premium etapi peatöövõtjaks on Arco Vara enda ehitusettevõtte Arco Tarc OÜ. Ehitamises on paviljon, 4 teeninduspinda ja 108 korterit (kolme eraldiseisva kortermajana), millest paljud on merevaatega. Korterelamud saavad valmis 2023. aasta IV kvartalis. Kvartaliaruande avaldamise kuupäevaks on 113 pinnast 55 eelmüüdud. Osaühing 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. 2023. aasta II kvartalis tasuti järgmine maaostu ettemaks 1 626 tuhat eurot, 30.06.2023 seisuga on nimetatud maa ettemaks kokku 4 978 tuhat eurot. Projekti esimese etapi ehituse algus on planeeritud 2024. aastasse. Kuldlehe projektis käib ehitus. Plaanis on 2023. aastal ehitada 5 koduga avar ja eksklusiivne kobarelamu Piritale. 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. Kvartaliaruande avaldamise kuupäevaks on 16st majast 2 eelmüüdud. KONSOLIDEERITUD KOONDKASUMIARUANNE ------------------------------------------------------------------------------- EUR tuhandetes 6 kuud 2023 6 kuud 2022 II kv 2023 II kv 2022 ------------------------------------------------------------------------------- Müügitulu enda kinnisvara müügist 7 7 377 0 7 346 Müügitulu teenuste müügist 500 558 254 287 Müügitulu kokku 507 7 935 254 7 633 Müüdud kinnisvara ja teenuste kulu -191 -6 383 -105 -6 274 Brutokasum 316 1 552 149 1 359 Muud äritulud 76 202 54 8 Turustuskulud -177 -108 -120 -64 Üldhalduskulud -646 -513 -331 -274 Muud ärikulud -2 -7 -1 -6 Ärikasum/-kahjum -433 1 126 -249 1 023 Finantskulud -205 -176 -98 -89 Kasum/kahjum enne tulumaksu -638 950 -347 934 Aruandeperioodi puhaskasum/- kahjum -638 950 -347 934 Aruandeperioodi koondkasum/- kahjum -638 950 -347 934 ------------------------------------------------------------------------------- --------------------------------------------- - tava -0,06 0,09 -0,03 0,09 - lahustatud -0,06 0,09 -0,03 0,09 --------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE --------------------------------------------------------------------- EUR tuhandetes 30.06.2023 31.12.2022 --------------------------------------------------------------------- Raha ja raha ekvivalendid 10 432 3 427 Nõuded ja ettemaksed 5 837 4 387 Varud 31 111 22 511 Müügiootel kinnisvarainvesteering 9 050 9 050 Käibevara kokku 56 430 39 375 Nõuded ja ettemaksed 18 18 Kinnisvarainvesteeringud 2 82 Materiaalne põhivara 268 284 Immateriaalne põhivara 32 46 Põhivara kokku 320 430 VARAD KOKKU 56 750 39 805 Laenukohustused 6 635 5 255 Võlad ja saadud ettemaksed 13 705 3 681 Lühiajalised kohustused kokku 20 340 8 936 Laenukohustused 19 637 12 834 Pikaajalised kohustused kokku 19 637 12 834 KOHUSTUSED KOKKU 39 977 21 770 Aktsiakapital 7 272 7 272 Ülekurss 3 835 3 835 Kohustuslik reservkapital 2 011 2 011 Jaotamata kasum 3 655 4 917 Emaettevõtte omanikele kuuluv omakapital 16 773 18 035 OMAKAPITAL KOKKU 16 773 18 035 KOHUSTUSED JA OMAKAPITAL KOKKU 56 750 39 805 --------------------------------------------------------------------- Tiina Malm Finantsjuht Arco Vara AS Tel: +372 614 4630 www.arcovara.com
Content of announcement in English
Title
Unaudited consolidated interim report for Q2 and 6 months of 2023
Message
GROUP CEO'S REVIEW For Arco Vara's standpoint, the real estate market was breathing easier in Q2 but will be more apparent after the summer how safe this uneven activity is. The resolutions of the European Central Bank regarding baseline interest rates continue to be the primary influencer of the real estate and construction sectors. The slowing inflation rate is also slowly injecting a sense of certainty in homebuyers, illustrated by the threefold increase of inquiries over the quarter. At the end of the last quarter, Arco Vara took a big step towards selling 200 homes this year while focusing on developing residential real estate. The sales process of Arco Vara's first Bulgarian development, the Madrid BLVD building erected in 2010, was successfully concluded. Due to the structure of the transaction, the balance sheet volume of the company increased to nearly 56 million euros as at the end of Q2, but this is solely an accounting change. We intend to invest the nearly 4 million euros of released capital in purchasing new plots and designing ongoing developments. In Bulgaria, we continue construction and development of Botanica Lozen, where 2 residential houses of the 16 homes of the first stage have found buyers. The Bulgarian team is also in the process of designing the next project of the development with 24 residential houses, construction is supposed to commence next year. The main activity in Estonian developments of Arco Vara is seen in Kodulahe Kvartal, the Rannakalda stage of which will be completed as early as in Q4 of this year. As at the moment of publishing this report, 51 homes and 3 business premises have been pre-sold, with the preliminary contract volume of nearly 14.4 million euros. Based on the interest of customers in Kodulahe Kvartal, we also launched the architectural contest for the next stage and aim to already reach the establishment of the detailed plan this year. The plot at Soodi 6, which begins next year, involves around 68 homes and 250 m² of commercial premises. The construction of the Kuldlehe boutique building has progressed according to plan. Based on statistics from Kodulahe, interest in large apartments is currently low and therefore we can expect a longer sales period for the five homes at Kuldlehe. The homes will be completed in the first half of 2024, and by then we can expect the first buyers. During these changing times, we have been successful at the sales processes of Kodulahe Kvartal and Madrid BLVD, significantly alleviating the financing risks of the company during the current "cash is king" period where involving capital is expensive. With the released capital, we plan to increase the development volumes of Arco Vara with new plots in the second half of the year and deliver about 65 new homes at Kodulahe in Q4. KEY PERFORMANCE INDICATORS In 2023, the apartment buildings have not yet reached the stage of completion, which is why the group's sales revenue for the Q2 2023 was 254 thousand euros, which is 97% less than the sales revenue of the Q2 2022 of 7,633 thousand euros. In 6 months 2023, the group's revenue was 507 thousand euros, which is 94% less than the revenue of 7,935 thousand euros in 6 months 2022. In Q2 2023, the group's operating loss (=EBIT) was 249 thousand euros and net loss 347 thousand euros (in 6 months 2023: operating loss 433 thousand euros and net loss of 638 thousand euros). In Q2 2022, the group had operating profit of 1,023 thousand euros and net profit of 934 thousand euros. In 6 months 2022, the group made operating profit of 1,126 thousand euros and net profit of 950 thousand euros. In Q2 2023, no final sale contracts were signed (1 parking space was sold in 6 months). In Q2 2022, 41 apartments were sold in projects developed by the group (in 6 months 2022, 41 apartments and 1 land plot in Latvia). In the 6 months of 2023, the group's debt burden (net loans) increased by 1,178 thousand euros up to the level of 15,840 thousand euros as of 30 June 2023. The base currency of the group's all loan agreements is euro, and most of the loan obligations have a fixed interest rate, except the base interest rate for the financing loan for the Tallinn Lammi 6 land (in the amount of approx. 3.5 million euros) is 6 months' EURIBOR. As of 30 June 2023, the weighted average annual interest rate of interest-bearing liabilities was 6.0%. This is an increase of 0.2 percentage points compared to 31 December 2022. The reason for the increase in the average interest rate of loan obligations is use of a short- term credit line with a higher interest rate in the summer of 2023. The group's cash and cash equivalents totaled 10,432 thousand euros as of 30 June 2023 (31 December 2022 3,427 thousand). The temporary high amount of cash in the account is due to the advance payment for the sale of Madrid Blvd, of which 4,888 thousand was repaid to the bank that financed the activities of Madrid Blvd by the time of publication of this report. OPERATING REPORT In the Q2 2023, no apartment buildings were completed, which is why the group's sales revenue was 254 thousand euros (in Q2 2022, the sales revenue was 7,633 thousand euros). 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 175 thousand euros in Q2 2023 and 371 thousand euros in 6 months (2022: 202 thousand euros in Q2 and 406 thousand euros in 6 months). As of 30 June 2023, the Madrid building was in an ongoing sales process, which was completed in July 2023. There is no profit or loss from the sale of the building in 2023 because the discounts were recognized in 2022. The transaction is not reflected in the sales revenue, as it is the sale of a real estate investment. Equity capital worth 4.1 million euros was released from the transaction. Arco Vara's own construction company Arco Tarc OÜ is the main contractor for the most premium stage of Kodulahe - Rannakalda. Under construction are a pavilion, 4 service areas and 108 apartments (in three separate apartment buildings), many of which have sea views. The apartment buildings will be ready in the Q4 2023. As at the date of publishing the interim report, 55 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. In Q2 2023, the next land purchase prepayment of 1,626 thousand euros was paid, as of 30.06.2023, the total advance payment for the said land is 4,978 thousand euros. The expected development period is 6 years with the start of construction planned for 2024. Construction is underway in the Kuldlehe project. The plan is to build a spacious and exclusive cluster house with 5 homes in Pirita in 2023. The sale of the project has started. The Botanica Lozen project foresees construction of 54 homes (houses) in three stages. Construction and sales of the first 16 buildings have begun. The construction time of the whole project is at least 2 years. By the date of publication of the quarterly report, 2 out of 16 houses have been pre-sold. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME In thousands of euros 6m 2023 6m 2022 Q2 2023 Q2 2022 ------------------------------------------------------------------------------- Revenue from sale of own real estate 7 7,377 0 7,346 Revenue from rendering of services 500 558 254 287 Total revenue 507 7,935 254 7,633 Cost of sales -191 -6,383 -105 -6,274 Gross profit 316 1,552 149 1,359 Other income 76 202 54 8 Marketing and distribution expenses -177 -108 -120 -64 Administrative expenses -646 -513 -331 -274 Other expenses -2 -7 -1 -6 Operating profit/loss -433 1,126 -249 1,023 Financial costs -205 -176 -98 -89 Profit/loss before tax -638 950 -347 934 Net profit/loss for the period -638 950 -347 934 Total comprehensive income/ loss for the period -638 950 -347 934 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Earnings per share (in euros) - basic -0,06 0,09 -0,03 0,09 - diluted -0,06 0,09 -0,03 0,09 ------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION In thousands of euros 30 June 2023 31 December 2022 ------------------------------------------------------------------------------- Cash and cash equivalents 10,432 3,427 Receivables and prepayments 5,837 4,387 Inventories 31,111 22,511 Investment property for sale 9,050 9,050 Total current assets 56,430 39,375 Receivables and prepayments 18 18 Investment property 2 82 Property, plant and equipment 268 284 Intangible assets 32 46 Total non-current assets 320 430 TOTAL ASSETS 56,750 39,805 Loans and borrowings 6,635 5,255 Payables and deferred income 13,705 3,681 Total current liabilities 20,340 8,936 Loans and borrowings 19,637 12,834 Total non-current liabilities 19,637 12,834 TOTAL LIABILITIES 39,977 21,770 Share capital 7,272 7,272 Share premium 3,835 3,835 Statutory capital reserve 2,011 2,011 Retained earnings 3,655 4,917 Total equity attributable to owners of the parent 16,773 18,035 TOTAL EQUITY 16,773 18,035 TOTAL LIABILITIES AND EQUITY 56,750 39,805 ------------------------------------------------------------------------------- Tiina Malm CFO Arco Vara AS Phone: +372 614 4630 www.arcovara.com