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
3346
Attachments
Submission date and time
20.05.2011 18:20:03
Content of announcement in Estonian
Title
2011.aasta I kvartali konsolideeritud vahearuanne (auditeerimata)
Message
Juhatuse esimehe kommentaarid
2011. aasta I kvartalis müüdi Arco Vara projektides 13 korterit, millest kaks
Eestis, viis Lätis ja kuus Bulgaarias. Tähtsaima projektina on alanud töö
Tivoli projektiga Tallinnas ning samuti uue projektina omandasime üürilepingu
kohustusega ehitada lasteaed Viimsi valda, Lille teele. Täiendavalt oleme
teatanud Tehnika tänaval kuni 12 korteriga korterelamu arendamisega
alustamisest. Kui Tivolisse kaasasime partneri I etapis ehitatava 160 korteri
ehitamise rahastamiseks, siis Viimsi lasteaia ja Tehnika 53 korterelamu rajame
ilma partneriteta. Rohkem uusi projekte ei alustatud, ent jätkus töö Tallinnas
Kodukoldes, nii ehitamise kui ka müügiga, ning Meriväljal kruntide müümisega.
Peale vahearuande päeva on valminud lasteaed Alasniidul. Samuti jätkame tööd
Riias Bišumuiža 1 korterite arendamisel ning Mazais Baltezers kruntide
realiseerimisel. Jätkati Bulgaarias Sofias Madridi projektis korterite
asjaõiguslepingute sõlmimist ja viimaste vabade pindade väljaüürimist ning
Manastirski projektis ehitamist.
Oluline asjaõiguslepingute maht jääb vahearuande päeva järgsesse teise
kvartalisse, kui Tallinnas Kodukolde elamurajoonis valmivad esimesed 50
korterit, mis antakse klientidele lõviosas üle mais ja juunis. Oluline on
märkida, et arendusprojektide valmimisel on oluline mõju Kontserni käibele,
kuna suurem osa müükidest kajastub müügikäibes kuudel peale ehituse valmimist.
Kui müügikäive arendusdivisjonis on väga kõikuv, siis kulud organisatsiooni
haldamiseks on olemas ka asjaõiguslepingust sõltumatult.
Teenindusdivisjonile on 2011. aasta olnud parema algusega kui 2010 - 2011.
aasta I kvartali ärikahjum oli kokku 32 tuhat eurot võrreldes 87 tuhande euroga
2010. aastal, samas on I kvartal sesoonselt madala käibega. Kontserni
vahendustehingute arv võrreldes eelmise aastaga on tõusnud 22% ning
hindamisaktide arv 40% võrra, samal ajal maaklerite arv vähenenud ja hindajate
arv tõusnud vaid 8% võrra.
2011. aasta I kvartalis sõlmiti uusi ehituslepinguid 4,3 mln euro väärtuses.
Ehituslepingute järelejäänud maht on 2011. aasta I kvartali lõpu seisuga 19,0
mln eurot võrreldes 2010. aasta I kvartali lõpu 8,0 mln euroga.
12 kuuga on Kontserni laenukohustuste saldo vähenenud 9,4 mln euro võrra ning
omakapitali osakaal on tõusnud 37%-lt 41%-le. Kuigi laenukohustuste keskmine
kaalutud intress on tõusnud võrreldes aastatagusega, maksti I kvartalis 2011
reaalselt intresse summas 0,5 mln eurot, mis jääb samale tasemele 2010.
aastaga. Võrreldes aasta lõpuga on Kontserni laenukohustuste keskmine kaalutud
tähtaeg oluliselt pikenenud kuna Madrid laen, mis aasta lõpus kajastati
lühiajalisena vastavalt IAS 1.74 nõuetele, on 31.03.2011 seisuga taas suuremas
osas vastavalt laenugraafikule pikaajalisena kajastatud.
PÕHILISED NÄITAJAD
-- I kvartali müügitulu kokku moodustas 13,3 mln eurot. Sellest 8,3 mln eurot
oli Tivoli projekti kinnistute müük Kontserni ühisettevõttele Tivoli
Arendus OÜ. Ilma viimase tehinguta oli Kontserni müügitulu 5,0 mln eurot,
mis on 17% rohkem kui 2010. aasta I kvartalis.
-- Ärikahjum 0,9 mln eurot on suurenenud 48% võrreldes eelmise aasta sama
perioodiga.
-- I kvartali puhaskahjum oli 1,3 mln eurot, mis on 75% rohkem kui eelmise
aasta I kvartalis.
-- Omakapital moodustab 40,5% (31.03.2010 seisuga: 37,1%) varade mahust.
Jooksva 12 kuu omakapitali tootlikkus oli negatiivne (2010 I kvartal:
negatiivne). Investeeritud kapitali jooksva 12 kuu tootlikkus oli 1,2%
(2010 I kvartal: negatiivne).
-- Ehituslepingute järelejäänud maht oli I kvartali lõpu seisuga 19,0 mln
eurot, 2010 I kvartali lõpus 8,0 mln eurot.
-- I kvartali jooksul müüdi 13 korterit (2010 I kvartal: 30 korterit ja
krunti).
I kvartal I kvartal
2011 2010
--------------------------------------------------------------------------------
EUR miljonites
--------------------------------------------------------------------------------
Müügitulu 13,3 4,2
--------------------------------------------------------------------------------
Ärikasum -0,9 -0,6
--------------------------------------------------------------------------------
s.h kinnisvarainvesteeringute ja varude 0,0 -0,2
ümberhindlused
--------------------------------------------------------------------------------
Kahjum enne tulumaksu -1,3 -0,7
--------------------------------------------------------------------------------
s.h kahjum finantsvarade võõrandamisest 0,0 -0,2
--------------------------------------------------------------------------------
Puhaskahjum -1,3 -0,7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EPS (eurodes) -0,28 -0,16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Varad kokku, perioodi lõpu seisuga 65,5 75,4
--------------------------------------------------------------------------------
Investeeritud kapital, perioodi lõpu seisuga 53,2 63,8
--------------------------------------------------------------------------------
Netolaenud, perioodi lõpu seisuga 24,4 32,5
--------------------------------------------------------------------------------
Omakapital, perioodi lõpu seisuga 26,5 27,3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Laenude keskmine pikkus (aastates) 2,1 1,6
--------------------------------------------------------------------------------
Laenude keskmine intress (aastas) 7,0% 6,0%
--------------------------------------------------------------------------------
ROIC (jooksev 4 kvartalit) 1,2% neg
--------------------------------------------------------------------------------
ROE (jooksev 4 kvartalit) neg neg
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Töötajate arv perioodi lõpul 150 160
--------------------------------------------------------------------------------
TULUD JA KASUM
I kvartal 2011 I kvartal 2010
-------------------------------------------------------
EUR miljonites
-------------------------------------------------------
Müügitulu
-------------------------------------------------------
Teenindus 0,5 0,4
-------------------------------------------------------
Arendus 9,9 2,4
-------------------------------------------------------
Ehitus 2,9 1,5
-------------------------------------------------------
Elimineerimine 0,0 -0,1
-------------------------------------------------------
Müügitulu kokku 13,3 4,2
-------------------------------------------------------
-------------------------------------------------------
Ärikahjum
-------------------------------------------------------
Teenindus 0,0 -0,1
-------------------------------------------------------
Arendus -0,6 -0,2
-------------------------------------------------------
Ehitus -0,1 -0,1
-------------------------------------------------------
Elimineerimine 0,1 0,3
-------------------------------------------------------
Jagamatud tulud-kulud -0,3 -0,5
-------------------------------------------------------
Ärikasum kokku -0,9 -0,6
-------------------------------------------------------
-------------------------------------------------------
Intressitulud ja -kulud -0,4 -0,1
-------------------------------------------------------
Puhaskahjum -1,3 -0,7
-------------------------------------------------------
Nii teenindus- kui ehitusdivisjoni müügitulu on võrreldes eelmise aastaga
kasvanud ning ärikahjum vähenenud. Vaatamata väiksemale müüdud kinnistute
arvule arendusdivisjonis, vormistati I kvartalis lisaks 13 võlaõiguslikku
korteri müügitehingut Kolde projekti uues ehitatavas etapis, mis müügikäibes
veel ei kajastu.
Finantstulusid- ja kulusid mõjutas enim intressikulude suurenemine, mille
põhjuseks on Madridi projekti valmimisega seotud intressikulude
kapitaliseerimise lõpetamine. 2011. aasta I kvartalil olulisi erakorralisi
finantstulusid ja -kulusid ei olnud, samas kui 2010. aasta I kvartali tulemust
mõjutasid AS-i Ühendatud Kapital vastu USA dollarites kajastatud nõude
valuutakursi kasum summas 0,15 mln eurot ja Arco Vara Saare Kinnistute OÜ
müügist tekkinud kahjum 0,23 mln eurot.
RAHAVOOD
I kvartal 2011 I kvartal 2010
--------------------------------------------------------------------------
EUR miljonites
--------------------------------------------------------------------------
Äritegevuse rahavood -0,7 -0,1
--------------------------------------------------------------------------
Investeerimistegevuse rahavood -0,4 0,0
--------------------------------------------------------------------------
Finantseerimistegevuse rahavood -0,9 -0,8
--------------------------------------------------------------------------
Perioodi rahavood kokku -2,0 -0,9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Raha ja raja ekvivalendid perioodi alguses 4,2 4,1
--------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 2,2 3,2
--------------------------------------------------------------------------
Märtsis 2011 tagastas Arco Investeeringute AS ennetähtaegselt 5,27 mln euro
ulatuses kogu Tivoli projekti maa soetamiseks võetud laenu SEB Pangale ning
osaliselt Laeva projekti maa soetamiseks võetud laenu summas 0,12 mln eurot.
Tivoli laenu tagastamine ja osaliselt ka Laeva 2 laenu tagastamine rahavoos ei
kajastu, kuna raha laekus Tivoli Arendus OÜ ostjalt otse SEB-le. Rohkem
erakorralisi laenutagastusi 2011. aastal ei ole toimunud.
Finantseerimistegevuse netorahavoogudest moodustavad intressimaksed 0,5 mln
eurot. Graafikujärgseid ja varude müügiga seotud pangalaenude põhiosa
tagasimakseid on olnud 0,7 mln eurot, perioodi jooksul kasutatud limiitidest
suurima osa moodustavad Kolde eelviimase etapi ja Alasniidu lasteaia
ehitamisega seotud finantseerimine kogusummas 1,2 mln eurot. Kolde
limiidikasutus rahavoos ei kajastu kuna laenu väljamaksmiseks loetakse arve
laekumist Merko Ehituselt ning reaalselt raha ei liigu.
Suurimad lühiajalised kohustused järgmise 12 kuu jooksul:
-- arvestuslik põhiosatagastus broneeritud pindade müügist ning vastavalt
tagastusgraafikule projektis Boulevard Residence Madrid Sofias summas 4,7
mln eurot;
-- Manastirski projekti laen summas 2,2 mln eurot;
-- rahavooprojekti Kadaka tee 131 investeerimislaen summas 1,5 mln eurot;
-- Bišumuiža projekti laen summas 1,4 mln eurot;
-- arendusprojekti Laeva 2 laen summas 1,1 mln eurot.
Jooksvalt on I kvartalis makstud laene tagasi projektides „Kodukolde”
Tallinnas, „Bišumuiža-1” Riias ning Madrid Sofias. Lisaks on graafikujärgsed
laenutagastused toimunud rahavoogu tootvates projektides.
TEENINDUSDIVISJON
Teenindusdivisjonile on 2011. aasta olnud parema tulemusega kui 2010 - 2011.
aasta I kvartali ärikahjum oli kokku 32 tuhat eurot võrreldes 87 tuhande euroga
2010. aastal. Kontserni vahendustehingute arv võrreldes eelmise aastaga on
tõusnud 22% ning hindamisaktide arv 40% võrra, samal ajal maaklerite arv
vähenenud ja hindajate arv tõusnud vaid 8% võrra.
I kvartal 2011 I kvartal 2010 muutus, %
--------------------------------------------------------------------------------
Vahendatud objektide arv 281 230 22%
--------------------------------------------------------------------------------
Müügis olevad projektid, tk 158 171 -8%
--------------------------------------------------------------------------------
Hindamisaktide arv 1 270 910 40%
--------------------------------------------------------------------------------
Hindajate arv* 39 36 8%
--------------------------------------------------------------------------------
Maaklerite arv* 69 77 -10%
--------------------------------------------------------------------------------
Divisjoni töötajate arv perioodi 49 63 -22%
lõpus
--------------------------------------------------------------------------------
* sisaldab käsunduslepinguid
ARENDUSDIVISJON
2011. aasta I kvartalis müüdi Arco Vara projektides 13 korterit. Lätis müüdi
viis Bišumuiža korterit, Eestis kaks Kodukolde korterit ning Bulgaarias kuus
korterit Madridi projektis Sofias.
Tivoli projekti kaasati partner International Invest Project OÜ ning rahastus I
etapi ehituseks. Käimas on projekteerimine ning käesoleval aastal plaanime
alustada ehitustegevusega.
Kodukolde arendusprojekti eelviimase etapi ehitamine (50 korterit) on graafikus
ning majad valmivad mai lõpuks 2011. II kvartalis on plaanis alustada viimase
etapi (50 korteri) ehitamisega. Ehitustöid teostab ja finantseerib AS Merko
Ehitus.
Alasniidu lasteaia ehitus jõudis lõppjärku ning kasutusluba hoonele on
planeeritud saada mai lõpuks, peale mida antakse hoone üle Harku vallale,
kellega on sõlmitud lasteaia üürileping.
I kvartali lõpus ostis Arco Investeeringute AS-i 100% tütarettevõte
hoonestusõiguse Viimsis Lille teel eesmärgiga rajada kuuerühmaline lasteaed.
Viimsi vallaga on sõlmitud pikaajaline lasteaia üürileping. Hetkel on käimas
eelprojekti koostamine, mis on eelduseks ehitusloa saamisel ning läbirääkimised
finantseerimisasutuste ja ehitajatega. Hoone planeeritud valmimine on
planeeritud 2012. aasta I poolaastasse.
Boulevard Residence Madrid äri- ja eluhoone Sofias on enamus eellepingutega
kaetud üüripindasid klientidele üle antud ja rentnikud on oma tegevuse hoones
käivitanud. Jätkub broneeritud korterite asjaõiguslepingute sõlmimine ning
vabade korterite müük.
2011. aasta märtsi lõpu seisuga töötas divisjonis kokku 22 inimest (31.12.2010
seisuga 26 inimest).
Projektide kohta leiab lisainfot: www.arcorealestate.com/arendus
EHITUSDIVISJON
Ehitusdivisjon on tavapäraselt aktiivne keskkonna- ja infrastruktuuriprojektide
ning haridusasutustega seotud tsiviilehituse objektidel.
2011. aasta I kvartali lõpu seisuga on suuremateks käimasolevateks
ehitusprojektideks Tallinn-Muuga vee ja kanalisatsiooni trassid ja rajatised
jäägiga 6,7 mln eurot, vee- ja kanalisatsioonitorustike
projekteerimis-ehitustööd Jõgeva ja Puurmani valdades jäägiga 2,7 mln eurot ja
Lennuakadeemia jäägiga 1,9 mln eurot.
2011. aasta I kvartalis sõlmiti uusi ehituslepinguid 4,3 mln euro väärtuses.
Ehituslepingute järelejäänud maht on 2011. aasta I kvartali lõpu seisuga 19,0
mln eurot võrreldes 2010. aasta I kvartali lõpu 8,0 mln euroga.
2011. aasta märtsi lõpu seisuga töötas divisjonis kokku 58 inimest (31.12.2010
seisuga 49 inimest).
Konsolideeritud koondkasumiaruanne
Lisa I kvartal 2011 I kvartal 2010
--------------------------------------------------------------------------------
EUR tuhandetes
--------------------------------------------------------------------------------
Müügitulu teenuste müügist 3 737 1 835
--------------------------------------------------------------------------------
Müügitulu kaupade müügist 9 522 2 394
--------------------------------------------------------------------------------
Müügitulu kokku 2 13 259 4 229
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud toodangu kulu 3 -12 692 -3 745
--------------------------------------------------------------------------------
Brutokasum 567 484
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muud äritulud 5 117
--------------------------------------------------------------------------------
Turustuskulud 4 -102 -63
--------------------------------------------------------------------------------
Üldhalduskulud 5 -1 361 -1 100
--------------------------------------------------------------------------------
Muud ärikulud -43 -68
--------------------------------------------------------------------------------
Ärikahjum -934 -630
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 6 34 324
--------------------------------------------------------------------------------
Finantskulud 6 -421 -446
--------------------------------------------------------------------------------
Kahjum enne tulumaksu -1 321 -752
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tulumaksukulu 0 -1
--------------------------------------------------------------------------------
Aruandeperioodi puhaskahjum -1 321 -753
--------------------------------------------------------------------------------
Emaettevõtte omanike osa puhaskahjumis -1 334 -753
--------------------------------------------------------------------------------
Mitte-kontrolliva osaluse osa 13 0
puhaskahjumis
--------------------------------------------------------------------------------
Muu koondkasum:
--------------------------------------------------------------------------------
Valuutakursivahed välismaiste tütarettevõtete 0 11
ümberarvestamisest
--------------------------------------------------------------------------------
Aruandeperioodi koondkahjum -1 321 -742
--------------------------------------------------------------------------------
Emaettevõtte omanike osa koondkahjumis -1 334 -742
--------------------------------------------------------------------------------
Mitte-kontrolliva osaluse osa 13 0
koondkahjumis
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsia puhaskahjum (eurodes) 7
--------------------------------------------------------------------------------
- tava -0,28 -0,16
--------------------------------------------------------------------------------
- lahustatud -0,28 -0,16
--------------------------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
Lisa 31.03.2011 31.12.2010
-----------------------------------------------------------------------------
EUR tuhandetes
-----------------------------------------------------------------------------
Raha ja raha ekvivalendid 2 197 4 209
-----------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 8 7 545 5 760
-----------------------------------------------------------------------------
Tehtud ettemaksed 325 192
-----------------------------------------------------------------------------
Varud 9 27 388 35 740
-----------------------------------------------------------------------------
Käibevara kokku 37 455 45 901
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Finantsinvesteeringud 997 996
-----------------------------------------------------------------------------
Muud nõuded 8 2 951 76
-----------------------------------------------------------------------------
Kinnisvarainvesteeringud 10 23 348 22 887
-----------------------------------------------------------------------------
Materiaalne põhivara 680 703
-----------------------------------------------------------------------------
Immateriaalne põhivara 21 20
-----------------------------------------------------------------------------
Põhivara kokku 27 997 24 682
-----------------------------------------------------------------------------
VARAD KOKKU 65 452 70 583
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Laenukohustused 11 12 110 27 126
-----------------------------------------------------------------------------
Võlad tarnijatele ja muud võlad 12 6 235 4 813
-----------------------------------------------------------------------------
Saadud ettemaksed 4 819 4 859
-----------------------------------------------------------------------------
Eraldised 1 247 1 378
-----------------------------------------------------------------------------
Lühiajalised kohustused kokku 24 411 38 176
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Laenukohustused 11 13 824 3 855
-----------------------------------------------------------------------------
Muud võlad 12 710 724
-----------------------------------------------------------------------------
Pikaajalised kohustused kokku 14 534 4 579
-----------------------------------------------------------------------------
KOHUSTUSED KOKKU 38 945 42 755
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Aktsiakapital 3 030 3 030
-----------------------------------------------------------------------------
Kohustuslik reservkapital 2 011 2 011
-----------------------------------------------------------------------------
Jaotamata kasum 21 466 22 787
-----------------------------------------------------------------------------
Omakapital kokku 26 507 27 828
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Mitte-kontrollivale osalusele kuuluv omakapital 175 -70
-----------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv omakapital 26 332 27 898
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 65 452 70 583
-----------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne
Lisa I kvartal I kvartal
2011 2010
--------------------------------------------------------------------------------
EUR tuhandetes
--------------------------------------------------------------------------------
Puhaskahjum -1 321 -753
--------------------------------------------------------------------------------
Intressitulud ja -kulud 6 355 126
--------------------------------------------------------------------------------
Kasumid ja kahjumid tütar- ja ühisettevõtete 6 0 229
müügist
--------------------------------------------------------------------------------
Kasumid ja kahjumid ühisettevõtetest 6 0 -80
kapitaliosaluse meetodil
--------------------------------------------------------------------------------
Tulud ja kulud muudelt pikaajalistelt 6 0 4
finantsinvesteeringutelt
--------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara 3,5 25 24
amortisatsioon ja väärtuse langus
--------------------------------------------------------------------------------
Varude ümberhindluse kasum/kahjum 3 0 210
--------------------------------------------------------------------------------
Valuutakursi kasumid ja kahjumid 6 4 -157
--------------------------------------------------------------------------------
Ettevõtte tulumaksukulu 0 1
--------------------------------------------------------------------------------
Äritegevuse rahavood enne käibekapitali muutuseid -937 -396
--------------------------------------------------------------------------------
Äritegevusega seotud nõuete ja tehtud ettemaksete -1 866 1 863
muutus
--------------------------------------------------------------------------------
Varude muutus 1 504 937
--------------------------------------------------------------------------------
Äritegevusega seotud kohustuste ja saadud ettemaksete 591 -2 456
muutus
--------------------------------------------------------------------------------
RAHAVOOD ÄRITEGEVUSEST KOKKU -708 -52
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara soetus -2 -10
--------------------------------------------------------------------------------
Kinnisvarainvesteeringute arendusel tasutud summad -557 0
--------------------------------------------------------------------------------
Kinnisvarainvesteeringute müük 177 -7
--------------------------------------------------------------------------------
Tütar- ja ühisettevõtete soetus 1 0
--------------------------------------------------------------------------------
Antud laenud -67 -12
--------------------------------------------------------------------------------
Antud laenude tagasimaksed 29 2
--------------------------------------------------------------------------------
Saadud intressid 24 23
--------------------------------------------------------------------------------
RAHAVOOD INVESTEERIMISTEGEVUSEST KOKKU -395 -4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Saadud laenud 11 504 1 669
--------------------------------------------------------------------------------
Laenude ja kapitalirendikohustuste tagasimaksed 11 -876 -2 020
--------------------------------------------------------------------------------
Makstud intressid -537 -512
--------------------------------------------------------------------------------
RAHAVOOD FINANTSEERIMISEGEVUSEST KOKKU -909 -863
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RAHAVOOD KOKKU -2 012 -919
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 4 209 4 137
--------------------------------------------------------------------------------
Raha ja raha ekvivalentide muutus -2 012 -919
--------------------------------------------------------------------------------
Valuutakursi mõju 0 10
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 2 197 3 228
--------------------------------------------------------------------------------
Content of announcement in English
Title
Interim report I quarter ended 31. March 2011 (unaudited)
Message
Group Chief Executive's review
In the first quarter of 2011, we sold 13 apartments in the projects of Arco
Vara - two in Estonia, five in Latvia and six in Bulgaria. The most important
project of the period was the work started on the Tivoli project in Tallinn. In
addition, we acquired a lease with the commitment to build a nursery school in
Lille tee in Viimsi. We have also started developing an apartment building
comprising up to 12 apartment units in Tehnika street in Tallinn. For financing
the construction of the 160 apartments in phase I of the Tivoli project we
involved a partner but the Viimsi nursery school and the apartment building at
Tehnika 53 are projects we are building without partners. We did not start any
other new projects but continued the construction and sale of the Kodukolde
apartment buildings project in Tallinn and the sale of plots at Merivälja.
After the reporting date, we completed a nursery school at Alasniidu. We will
also continue the development of apartments in the Bisumuiza 1 project in Riga
and realisation of the plots at Mazais Baltezers. In Bulgaria, we continued
signing real right contracts on the sale of apartments and letting the last
vacant rental premises in the Madrid project and the construction of the
Manastirski project in Sofia.
A significant proportion of real right contracts (i.e. contracts on the
transfer of title) will be signed in the second quarter when the first 50
apartments will be completed in the Kodukolde community in Tallinn. The
majority of those apartments will be delivered to customers in May and June. It
is important to note that the completion of development projects has a
significant impact on the Group's revenue because most sales are recognised as
revenue in the period following the completion of construction work. Although
the revenue of the Development division fluctuates steeply, administrative
costs are incurred regardless of the stage of sale (signature of contracts on
the transfer of title).
For the Service division, 2011 started better than 2010. The division ended the
first quarter of 2011 with an operating loss of 32 thousand euros compared with
an operating loss of 87 thousand euros for the first quarter of 2010. The
improvement is all the more significant because the first quarter is low season
for the division. The number of brokerage transactions increased by 22% and the
number of valuation reports issued grew by 40% year-over-year. At the same
time, the number of brokers decreased and the number of appraisers grew by only
8%.
In the first quarter of 2011, we secured new construction contracts of 4.3
million euros. At 31 March 2011, the Group's order backlog was 19.0 million
euros against 8.0 million euros at the end of the first quarter of 2010.
Within the past 12 months, the Group has reduced its loans and borrowings by
9.4 million euros and the equity to assets ratio has risen from 37% to 41%.
Although the weighted average interest rate of loans and borrowings has risen
compared with a year ago, interest payments for the first quarter of 2011
totalled 0.5 million euros, remaining at the same level as in the first quarter
of 2010. Compared with the end of 2010, the weighted average duration of the
Group's loans and borrowings has increased significantly because at 31 March
2011 most of the Madrid loan, which at the year-end was classified as a current
liability in conformity with IAS 1.74, was again classified by reference to its
settlement schedule as a non-current liability.
KEY PERFORMANCE INDICATORS
-- The Group's consolidated revenue for the first quarter of 2011 was 13.3
million euros. The figure includes 8.3 million euros earned on the sale of
the Tivoli properties to the Group's joint venture Tivoli Arendus OÜ.
Excluding the latter transaction, the Group's revenue was 5.0 million
euros, 17% up on the first quarter of 2010.
-- Operating loss for the period was 0.9 million euros, a 48% increase
year-over-year.
-- Net loss for the first quarter was 1.3 million euros, 75% up on the first
quarter of 2010.
-- Equity to assets ratio at period-end was 40.5% (31 March 2010: 37.1%).
Return on equity (12 months rolling) was negative (Q1 2010: negative).
Return on invested capital (12 months rolling) was 1.2% (Q1 2010:
negative).
-- At the end of the first quarter, the Group's order backlog stood at 19.0
million euros compared with 8.0 million euros at the end of the first
quarter of 2010.
-- During the first quarter of 2011, the Group sold 13 apartments (Q1 2010: 30
apartments and plots).
Q1 Q1
2011 2010
--------------------------------------------------------------------------------
In millions of euros
--------------------------------------------------------------------------------
Revenue 13.3 4.2
--------------------------------------------------------------------------------
Operating loss -0.9 -0.6
--------------------------------------------------------------------------------
Of which net loss on changes in the values of investment 0.0 -0.2
properties and inventories
--------------------------------------------------------------------------------
Loss before tax -1.3 -0.7
--------------------------------------------------------------------------------
Of which net loss on the disposal of financial assets 0.0 -0.2
--------------------------------------------------------------------------------
Net loss -1.3 -0.7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EPS (in euros) -0.28 -0.16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets at period-end 65.5 75.4
--------------------------------------------------------------------------------
Invested capital at period-end 53.2 63.8
--------------------------------------------------------------------------------
Net loans at period-end 24.4 32.5
--------------------------------------------------------------------------------
Equity at period-end 26.5 27.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Average loan term (in years) 2.1 1.6
--------------------------------------------------------------------------------
Average interest rate of loans (per year) 7.0% 6.0%
--------------------------------------------------------------------------------
ROIC (rolling, 4 quarters) 1.2% neg
--------------------------------------------------------------------------------
ROE (rolling, 4 quarters) neg neg
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of staff at period-end 150 160
--------------------------------------------------------------------------------
REVENUE AND PROFIT
Q1 2011 Q1 2010
---------------------------------------------------
In millions of euros
---------------------------------------------------
Revenue
---------------------------------------------------
Service 0.5 0.4
---------------------------------------------------
Development 9.9 2.4
---------------------------------------------------
Construction 2.9 1.5
---------------------------------------------------
Eliminations 0.0 -0.1
---------------------------------------------------
Total revenue 13.3 4.2
---------------------------------------------------
---------------------------------------------------
Operating loss
---------------------------------------------------
Service 0.0 -0.1
---------------------------------------------------
Development -0.6 -0.2
---------------------------------------------------
Construction -0.1 -0.1
---------------------------------------------------
Eliminations 0.1 0.3
---------------------------------------------------
Unallocated revenues and expenses -0.3 -0.5
---------------------------------------------------
Total operating loss -0.9 -0.6
---------------------------------------------------
---------------------------------------------------
Interest income and expense -0.4 -0.1
---------------------------------------------------
Net loss -1.3 -0.7
---------------------------------------------------
The Service and Construction divisions' revenues have grown and operating
losses have decreased year-over-year. Although the number of properties sold by
the Development division was smaller than a year ago, in the first quarter of
2011 the division signed 13 preliminary apartment sales contracts (contracts
under the law of obligations) in a new phase of the Kodukolde project, which
are not yet included in revenue.
Finance income and expenses were influenced the most by growth in interest
expense. This is related to the completion of the Madrid project and
discontinuance of capitalisation of associated borrowing costs. In the first
quarter of 2011, the Group did not earn any exceptional finance income or incur
any exceptional finance expenses but the result for the first quarter of 2010
was influenced by foreign exchange gain of 0.15 million euros earned on a
receivable from AS Ühendatud Kapital that was denominated in US dollars and a
loss of 0.23 million euros incurred on the disposal of Arco Vara Saare
Kinnistute OÜ.
CASH FLOWS
Q1 2011 Q1 2010
------------------------------------------------------------------
In millions of euros
------------------------------------------------------------------
Cash flows from operating activities -0.7 -0.1
------------------------------------------------------------------
Cash flows from investing activities -0.4 0.0
------------------------------------------------------------------
Cash flows from financing activities -0.9 -0.8
------------------------------------------------------------------
Net cash flow -2.0 -0.9
------------------------------------------------------------------
------------------------------------------------------------------
Cash and cash equivalents at beginning of period 4.2 4.1
------------------------------------------------------------------
Cash and cash equivalents at end of period 2.2 3.2
------------------------------------------------------------------
In March 2011, Arco Investeeringute AS repaid before maturity the remaining
5.27 million euros of the loan taken from SEB Pank for acquiring the land under
the Tivoli project and 0.12 million euros of the loan taken for acquiring the
land under the Laeva project. Repayment of the Tivoli loan and partial
repayment of the Laeva 2 loan are not reflected in the Group's cash flows
because the buyer of Tivoli Arendus OÜ paid the cash directly to SEB. There
were no other exceptional loan settlements in the first quarter of 2011.
Interest payments accounted for 0.5 million euros of the net cash outflow from
financing activities. Scheduled and inventory sales-related settlements of loan
principal totalled 0.7 million euros. The largest proportion of credit limits
utilised during the period was related to the construction of the last but one
phase in the Kodukolde project and the Alasniidu nursery school that accounted
for 1.2 million euros of the total. Use of the Kodukolde credit limit is not
reflected in the cash flows because invoices received from Merko Ehitus are
booked as a loan and there are no factual cash movements.
The largest current liabilities to be settled in the next 12 months comprise:
-- estimated principal repayments to be made on the sale of reserved premises
and payments under the settlement schedule of the loan taken for the
Boulevard Residence Madrid project in Sofia of 4.7 million euros;
-- repayments of the loan taken for the Manastirski project of 2.2 million
euros;
-- repayments of an investment loan taken for a cash flow project at Kadaka
tee 131 of 1.5 million euros;
-- repayments of the loan taken for the Bisumuiza project of 1.4 million
euros;
-- repayments of the loan taken for the Laeva 2 development project of 1.1
million euros.
In the first quarter, the Group made regular repayments of the loans taken for
the Kodukolde project in Tallinn, the Bishumuiza-1 project in Riga and the
Madrid project in Sofia and also scheduled settlements of the loans taken for
its cash flow generating projects.
SERVICE DIVISION
For the Service division, the first quarter of 2011 was better than that of
2010: operating loss for the first quarter of 2011 was 32 thousand euros
compared with 87 euros a year ago. The number of the Group's brokerage
transactions increased by 22% and the number of valuation reports issued grew
by 40% year-over-year. At the same time, the number of brokers decreased and
the number of appraisers grew by only 8%.
Q1 2011 Q1 2010 Change, %
----------------------------------------------------------------------
Number of brokerage transactions 281 230 22%
----------------------------------------------------------------------
Number of projects on sale 158 171 -8%
----------------------------------------------------------------------
Number of valuation reports 1,270 910 40%
----------------------------------------------------------------------
Number of appraisers* 39 36 8%
----------------------------------------------------------------------
Number of brokers* 69 77 -10%
----------------------------------------------------------------------
Number of staff at end of period 49 63 -22%
----------------------------------------------------------------------
* Includes people working under service contracts.
DEVELOPMENT DIVISION
In the first quarter of 2011, the Group sold a total of 13 apartments in Arco
Vara projects. Five apartments were sold in the Bisumuiza project in Latvia,
two apartments were sold in the Kodukolde project in Estonia and six apartments
were sold in the Madrid project in Sofia.
The Group found a partner, International Invest Project OÜ, for the Tivoli
project and raised financing for the construction of its first phase. Design
work is under way and construction is scheduled to start in 2011.
The construction of the last but one phase of the Kodukolde development project
(50 apartments) is on schedule and the buildings will be completed by the end
of May 2011. Construction of the last phase (50 apartments) should begin in the
second quarter. Construction work is performed and financed by AS Merko Ehitus.
The construction of the Alasniidu nursery school reached its final stage. We
expect to obtain a use permit for the building by the end of May after which we
will deliver the building to Harku local government with whom we already have a
rental agreement.
At the end of the first quarter, a wholly-held subsidiary of Arco
Investeeringute AS bought the right of superficies to a property in Lille tee
in Viimsi with a view to building a nursery school for six groups of children.
The Group has already signed a long-term rental agreement with the local
government. We have started preparing the preliminary design documentation that
is required for obtaining a construction permit and negotiations with financing
institutions and builders. According to current plans, the building should be
completed in the first half 2012.
Most of the commercial rental premises in the Boulevard Residence Madrid
commercial and residential building in Sofia that were covered with preliminary
contracts have been transferred to customers and tenants have moved in. We
continue to deliver reserved apartments under real right contracts and to sell
off free apartments.
At the end of March 2011, the Development division employed 22 people (31
December 2010: 26). For further information on our projects, please refer to:
www.arcorealestate.com/development.
CONSTRUCTION DIVISION
The Construction division is typically actively involved in environmental,
infrastructure and civil engineering (mostly educational establishments
related) projects.
As at the end of the first quarter of 2011, the largest active construction
contracts comprised the Tallinn-Muuga water and wastewater networks and
facilities with the remaining balance of 6.7 million euros, the design and
construction of the water and wastewater networks of the Jõgeva and Puurmani
rural municipalities with the remaining balance of 2.7 million euros and the
building of the Estonian Aviation Academy with the remaining balance of 1.9
million euros.
In the first quarter of 2011, the division secured new construction contracts
of 4.3 million euros. As at the reporting date, the order backlog stood at 19.0
million euros compared with 8.0 million euros at the end of the first quarter
of 2010.
At the end of March 2011, the Construction division employed 58 people (31
December 2010: 49).
Consolidated statement of comprehensive income
For the period ended 31 March 2011 Note Q1 2011 Q1 2010
------------------------------------------------------------------------
In thousands of euros
------------------------------------------------------------------------
Revenue from rendering of services 3,737 1,835
------------------------------------------------------------------------
Revenue from sale of goods 9,522 2,394
------------------------------------------------------------------------
Total revenue 2 13,259 4,229
------------------------------------------------------------------------
------------------------------------------------------------------------
Cost of sales 3 -12,692 -3,745
------------------------------------------------------------------------
Gross profit 567 484
------------------------------------------------------------------------
------------------------------------------------------------------------
Other income 5 117
------------------------------------------------------------------------
Distribution expenses 4 -102 -63
------------------------------------------------------------------------
Administrative expenses 5 -1,361 -1,100
------------------------------------------------------------------------
Other expenses -43 -68
------------------------------------------------------------------------
Operating loss -934 -630
------------------------------------------------------------------------
------------------------------------------------------------------------
Finance income 6 34 324
------------------------------------------------------------------------
Finance expenses 6 -421 -446
------------------------------------------------------------------------
Loss before tax -1,321 -752
------------------------------------------------------------------------
------------------------------------------------------------------------
Income tax expense 0 -1
------------------------------------------------------------------------
Loss for the period -1,321 -753
------------------------------------------------------------------------
Loss attributable to owners of the parent -1,334 -753
------------------------------------------------------------------------
Profit attributable to non-controlling interests 13 0
------------------------------------------------------------------------
Other comprehensive income
------------------------------------------------------------------------
Exchange differences on translating foreign operations 0 11
------------------------------------------------------------------------
Total comprehensive expense for the period -1,321 -742
------------------------------------------------------------------------
Total comprehensive expense -1,334 -742
attributable to owners of the parent
------------------------------------------------------------------------
Total comprehensive income attributable to 13 0
non-controlling interests
------------------------------------------------------------------------
------------------------------------------------------------------------
Earnings per share (in euros) 7
------------------------------------------------------------------------
- Basic -0.28 -0.16
------------------------------------------------------------------------
- Diluted -0.28 -0.16
------------------------------------------------------------------------
Consolidated statement of financial position
Note As at 31 March As at 31 December
2011 2010
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Cash and cash equivalents 2,197 4,209
--------------------------------------------------------------------------------
Trade and other receivables 8 7,545 5,760
--------------------------------------------------------------------------------
Prepayments 325 192
--------------------------------------------------------------------------------
Inventories 9 27,388 35,740
--------------------------------------------------------------------------------
Total current assets 37,455 45,901
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Investments 997 996
--------------------------------------------------------------------------------
Trade and other receivables 8 2,951 76
--------------------------------------------------------------------------------
Investment property 10 23,348 22,887
--------------------------------------------------------------------------------
Property, plant and equipment 680 703
--------------------------------------------------------------------------------
Intangible assets 21 20
--------------------------------------------------------------------------------
Total non-current assets 27,997 24,682
--------------------------------------------------------------------------------
TOTAL ASSETS 65,452 70,583
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 11 12,110 27,126
--------------------------------------------------------------------------------
Trade and other payables 12 6,235 4,813
--------------------------------------------------------------------------------
Deferred income 4,819 4,859
--------------------------------------------------------------------------------
Provisions 1,247 1,378
--------------------------------------------------------------------------------
Total current liabilities 24,411 38,176
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 11 13,824 3,855
--------------------------------------------------------------------------------
Other payables 12 710 724
--------------------------------------------------------------------------------
Total non-current liabilities 14,534 4,579
--------------------------------------------------------------------------------
TOTAL LIABILITIES 38,945 42,755
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 3,030 3,030
--------------------------------------------------------------------------------
Statutory capital reserve 2,011 2,011
--------------------------------------------------------------------------------
Retained earnings 21,466 22,787
--------------------------------------------------------------------------------
Total equity 26,507 27,828
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity attributable to non-controlling 175 -70
interests
--------------------------------------------------------------------------------
Equity attributable to equity holders 26,332 27,898
of the parent
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 65,452 70,583
--------------------------------------------------------------------------------
Consolidated statement of cash flows
For the period ended 31 March 2011 Note Q1 Q1
2011 2010
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Loss for the period -1,321 -753
--------------------------------------------------------------------------------
Interest income and interest expense 6 355 126
--------------------------------------------------------------------------------
Gain/loss on sale of subsidiaries and interests in joint 6 0 229
ventures
--------------------------------------------------------------------------------
Share of profits and losses of equity-accounted investees 6 0 -80
--------------------------------------------------------------------------------
Gain/loss on other long-term investments 6 0 4
--------------------------------------------------------------------------------
Depreciation, amortisation and impairment losses on 3, 5 25 24
property, plant and equipment and intangible assets
--------------------------------------------------------------------------------
Gain/loss on inventory write-downs and reversals of 3 0 210
inventory write-downs
--------------------------------------------------------------------------------
Foreign exchange gains and losses 6 4 -157
--------------------------------------------------------------------------------
Income tax expense/income 0 1
--------------------------------------------------------------------------------
Operating cash flow before working capital changes -937 -396
--------------------------------------------------------------------------------
Change in receivables and prepayments -1,866 1,863
--------------------------------------------------------------------------------
Change in inventories 1,504 937
--------------------------------------------------------------------------------
Change in payables and deferred income 591 -2,456
--------------------------------------------------------------------------------
NET CASH USED IN OPERATING ACTIVITIES -708 -52
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Acquisition of property, plant and equipment and -2 -10
intangible assets
--------------------------------------------------------------------------------
Paid on development of investment properties -557 0
--------------------------------------------------------------------------------
Proceeds from sale of investment properties 177 -7
--------------------------------------------------------------------------------
Acquisition of subsidiaries and interests in joint 1 0
ventures
--------------------------------------------------------------------------------
Loans granted -67 -12
--------------------------------------------------------------------------------
Repayment of loans granted 29 2
--------------------------------------------------------------------------------
Interest received 24 23
--------------------------------------------------------------------------------
NET CASH USED IN INVESTING ACTIVITIES -395 -4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Proceeds from loans received 11 504 1,669
--------------------------------------------------------------------------------
Settlement of loans and finance lease liabilities 11 -876 -2,020
--------------------------------------------------------------------------------
Interest paid -537 -512
--------------------------------------------------------------------------------
NET CASH USED IN FINANCING ACTIVITIES -909 -863
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CASH FLOW -2,012 -919
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at beginning of period 4,209 4,137
--------------------------------------------------------------------------------
Decrease in cash and cash equivalents -2,012 -919
--------------------------------------------------------------------------------
Effect of exchange rate fluctuations on cash held 0 10
--------------------------------------------------------------------------------
Cash and cash equivalents at end of period 2,197 3,228
--------------------------------------------------------------------------------