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
Other price sensitive information
Unique data record identifier
3952
Submission date and time
11.03.2013 16:45:02
Content of announcement in Estonian
Title
Arco Vara restruktureeris Bulgaaria laenud ja jätkab korterite müüki
Message
Arco Investeeringute AS-i (100% Arco Vara AS tütarettevõte) Bulgaaria tütarettevõte Arco Invest EOOD ja Piraeus Bank sõlmisid pärast kolmekuulist läbirääkimisprotsessi Madridi Boulevardi ja Manastirski arenduste laenulepingutes muudatused. Lepingumuudatustega: 1) alaneb laenude intressimäär ca 1,5% võrra ja kontserni aasta intressikulud rohkem kui 200 000 eurot; 2) väheneb pangale iga müüdud korteri pealt tagastatav laenu põhisumma. Sellega laheneb kriitiline probleem ja jätkub rohkem kui kolmekümnele eellepingu sõlminud kliendile korteriomandite üleandmine ning laenude põhiosa tagastamine. Kuni laenude restruktureerimiseni oleks Arco Invest EOOD poolt klientidele korteri omandiõiguse üleandmisel pangale tagastatav põhisumma olnud suurem, kui klientidelt üleandmise hetkel laekuv ostuhinna lõppmakse. Kuivõrd kontsern ei pidanud võimalikuks nimetatud vahet katta, oli üleandmine kuni laenulepingute muutmiseni peatunud. Sellest omakorda peatus ka kontserni laenukoormuse vähenemine, kuna toodete müügist raha ei laekunud. 3) langeb kontserni laenukoormus sõltuvalt klientide maksedistsipliinist tõenäoliselt enam kui 2 mln euro võrra, kuna 2013. aasta 1. kvartalis klientidele eeldatavasti üleantavate korterite kogupind ületab 4 000m2; 4) võttis kontsern panga ees kohustuse tagastada 2014. aasta jooksul 1,8 mln eurot, mistõttu sõltuvalt toodete müügi tulemustest ja muudest asjaoludest võib laenude restruktureerimise vajadus tulevikus taas tekkida. Restruktureerimise tulemusena on Bulgaaria arendustegevus jätkusuutlik, teenindab finantskohustusi üürituludest ning lakkab laenulepingute ülesütlemise oht seoses kontserni poolt kohustuste mittetäitmisega. Jätkub valmistoodete müük Madridi ja Manastirski projektides. Lisainfot mõlema projekti kohta leiab aadressilt: http://www.arcoinvest.bg/. Egert Paulberg Finantskontroller Arco Vara AS Tel: +372 614 4503 [email protected] http://www.arcorealestate.com
Content of announcement in English
Title
Arco Vara restructures Bulgarian loans and continues to sell apartments
Message
After three months of negotiation, Arco Invest EOOD, a Bulgarian subsidiary of Arco Investeeringute AS (a wholly-held subsidiary of Arco Vara AS), and Piraeus Bank have agreed to amend the loan agreements of the Madrid Boulevard and Manastirski developments. The amendments: 1) lower the interest rates of the loans by around 1.5% percentage points and the group’s annual interest expense by more than 200,000 euros; 2) reduce the amount of loan principal to be repaid to the bank on the sale of each apartment. This resolves a critical issue and the group can continue transferring ownership of the apartments to more than 30 customers, who have already signed a preliminary agreement, and repaying loan principal. Until the restructuring, the amount of loan principal to be repaid by Arco Invest EOOD on the transfer of title to an apartment to a customer would have exceeded the final portion of the purchase price receivable from the customer at the date of transfer. Since the group was not willing to cover the difference, transfer of the apartments was suspended until the amendment of the loan agreements. This in turn, suspended the decrease in loan burden because the group did not receive cash from sale of goods. 3) will probably lower the group’s loan burden by more than 2 million euros, depending on the settlement behaviour of the customers, as the gross surface area of the apartments expected to be transferred to customers in the first quarter of 2013 exceeds 4,000 square metres; 4) impose on the group the obligation to repay 1.8 million euros to the bank in 2014. Thus, depending on sales results and other circumstances, the need for restructuring the loans may arise again. Through restructuring of the loans, the group’s Bulgarian development operations are again sustainable, able to service their financial obligations with rental income and the risk of termination of loan agreements due to the group’s breach of loan terms has disappeared. Sale of finished goods in the Madrid and Manastirski projects continues. Further information on both developments can be found at: http://www.arcoinvest.bg/. Egert Paulberg Financial Controller Arco Vara AS Tel: +372 614 4503 [email protected] http://www.arcorealestate.com