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
4059
Attachments
Submission date and time
17.05.2013 16:40:00
Content of announcement in Estonian
Title
Arco Vara AS 2013. aasta I kvartali vahearuanne
Message
JUHATAJA KOMMENTAARID
Üldine kommentaar:
I kvartalis stabiliseerus kontserni tegevus Bulgaarias, kuna muutsime
Manastirski ja Madridi arendusi rahastanud Piraeus pangaga sõlmitud
laenulepingute tingimusi. Samuti taasalustasime Lätis Bišumuiža korterite
lõpuni ehitamist.
Samaaegselt pingestus Eestis olukord seoses Ahtri 3 ja Tivoli arendustega.
Mõlemad arendused on kontserni 50/50 ühisettevõtted partneritega. Ahtri 3
arenduses alustas projekti rahastanud Danske pank ühisettevõtte Arco HCE vastu
täitemenetlust ning samuti asus sisse nõudma käendust Arco HCE-d käendanud
osanikelt: Arco Investeeringute AS-ilt ja OÜ-lt Ahtrimaa. Alanud on kolm
kohtulikku vaidlust ning täitemenetlus on peatatud. Paralleelselt otsivad
osapooled konstruktiivseid lahendusi. Pean tõenäoliseks, et lähiajal leitakse
kõiki osapooli rahuldav lahendus.
Tivoli projektis ütlesid projekti partner International Invest Project OÜ ja
projekti rahastanud Kylemore International Invest Corp üles Tivoli Arendus OÜ
laenulepingu. Samuti oli ühisettevõte Tivoli Arendus sunnitud viitega ehitaja
rikkumistele üles ütlema ehituslepingu. Tivoli projekti realiseerimine
äriplaanis ettenähtud viisil ja tähtaegadel, mis oli raske juba 2012. aasta
lõpus, muutus 2013 I kvartali jooksul võimatuks. Kontsern koos partneriga
tegeles aktiivselt lahendustega projekti restruktureerimiseks või lõpetamiseks
kõige vähem kahjulikul viisil, arvestades Arco Vara AS-i poolt antud käendust,
Tivoli kinnistutel lasuvate hüpoteekide järjekorda ning Tivoli Arendusele antud
laenude jääke ja intressimäärasid. Vahearuande avalikustamise ajaks on Tivoli
kinnistu pandud enampakkumisele. Pean ka siin tõenäoliseks, et II - III
kvartali jooksul saabub kõiki osapooli rahuldav lahendus.
Kommentaar müügimahtudele:
Kontserni müügimahu vähenemine 2013. aasta I kvartalis võrreldes 2012. aasta
I kvartaliga on ootuspärane. Kontsern on lõpetamas tegevust keskkonnaehituse
valdkonnas. Kuivõrd aastatel 2011-2012 on ehitusdivisjon andnud ca 40%
kontserni kogukäivest, siis valdkonna kokkutõmbamine vähendab oluliselt ka
kontserni müügimahtu. Seejuures osundan, et kõiki ehitusega seotud jooksvaid
kohustusi täidetakse nõuetekohaselt, kuigi see on nõudnud viimaste kuude
jooksul kontserni teistelt ettevõtetelt ning Arco Ehituselt endalt jõulist
käitumist.
Arendusdivisjoni müügimaht on kasvanud I kvartalis 71 % ning teenindusdivisjoni
müügimaht on püsinud stabiilne. Absoluutarvudes on arendusdivisjoni müügimaht
siiski suhteliselt väike ning eesmärk on seda parandada.
Kommentaar kasumile:
Kontserni 2013. aastaks seatud eesmärk oli jõuda ärikasumisse. I kvartalis
jõudsime nii ärikasumisse kui ka minimaalsesse puhaskasumisse. Samas osundan,
et trendi jätkumiseks ja kasumite suurendamiseks on vajalik müügimahtude
kasvatamine. Kasvu toetatavad ka teenindusdivisjoni üksused, kuid ennekõike
tuleb kasvuvõimalusi otsida arendustegevuse jätkamisest ja laiendamisest.
Arendustegevuse laiendamine kontserni tänastest omavahenditest on raske.
Seetõttu tuleb 2013. aasta jooksul leida lahendusi täiendava kapitali
kaasamiseks.
Kommentaar laenukoormusele
I kvartalis vähendas kontsern oluliselt oma laenukoormust. Seisuga 31.12.2012
oli kontsernil intressikandvaid kohustusi summas 18,8 mln eurot, seisuga
31.03.2013 16,6 mln eurot ehk vähenemine kolme kuuga 2,2 mln eurot. Samuti
vähendasime laenude keskmist intressimäära, mis eriti Bulgaarias on mõjutanud
meie tegevust oluliselt positiivsemas suunas. Edasine laenukoormuse vähendamine
on võimalik, müües jätkuvalt arenduse valmistooteid; kuid teiselt poolt
muutub aktuaalseks täiendavate rahaliste vahendite kaasamine arendustegevuse
jätkamiseks ja laiendamiseks. Seetõttu intensiivset laenukoormuse vähenemise
jätkumist oodata ei ole.
Kommentaar kontserni tööjõu osas:
I kvartalis kontserni heaks rakendatud inimeste hulk võrreldes 2012. aasta
lõpuga oluliselt ei muutunud ning olulisi muutusi tööjõu hulgas või
tööjõukuludes pole ka plaanis, välja arvatud seoses ehitusdivisjoni
tegevusmahtude vähenemisega. Põhirõhk on tööoperatsioonide efektiivsusel ja
grupisisese sünergia loomisel.
PÕHILISED NÄITAJAD
-- 2013. aasta I kvartali müügitulu oli 2,8 mln eurot. 2012. aasta I
kvartali tulemus oli 3,6 mln eurot. Müügitulu oli 2013. aasta esimeses
kvartalis 22% väiksem kui aasta tagasi samal perioodil, see on tingitud
eelkõige ehitustegevuse mahtude olulisest vähenemisest. Kui
teenindusdivisjoni tulud võrreldes eelmise aasta sama perioodiga ei
muutunud, siis arendusdivisjoni tulud kasvasid 71%.
-- Ärikasum oli I kvartalis 0,3 mln eurot. 2012. aasta samal perioodil
kujunes kontserni ärikahjumiks 0,5 mln eurot.
-- I kvartali puhaskasum oli 39 tuh eurot. Võrdluseks, et 2012. aasta I
kvartal lõpetati puhaskahjumiga 1,3 mln eurot.
-- Omakapitali suhe varadesse on paranenud ja moodustab 11,7% varade mahust
(31.12.2012: 10,8%).
-- Laenukoormus (netolaenud) on vähenenud tasemele 14,2 mln eurot (31.03.2012:
22, 3 mln eurot) ning laenude keskmine intressimäär on langenud tasemele
5,2% aastas.
-- Ehituslepingute järelejäänud maht oli I kvartali lõpu seisuga 2,3 mln
eurot, 2012 I kvartali lõpus 12,9 mln eurot. Kontsern lõpetab 2013. aastal
nõuetekohaselt kõik pooleliolevad ehituslepingud keskkonnaehituse
valdkonnas. Tegevust keskkonnaehituse valdkonnas kontsernil jätkata plaanis
ei ole.
-- I kvartalis müüdi kontserni poolt arendatavates projektides 15 korterit ja
krunti (2012 I kvartal: 4).
I kvartal 2013 I kvartal 2012
----------------------------------------------------------------------------
EUR miljonites
----------------------------------------------------------------------------
Müügitulu 2,8 3,6
----------------------------------------------------------------------------
Ärikasum 0,3 -0,5
----------------------------------------------------------------------------
Puhaskasum 0,0 -1,3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
EPS (eurodes) 0,01 -0,18
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Varad kokku, perioodi lõpu seisuga 29,0 54,9
----------------------------------------------------------------------------
Investeeritud kapital, perioodi lõpu seisuga 19,4 44,3
----------------------------------------------------------------------------
Netolaenud, perioodi lõpu seisuga 14,2 22,3
----------------------------------------------------------------------------
Omakapital, perioodi lõpu seisuga 3,4 20,3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Laenude keskmine pikkus (aastates) 2,1 2,3
----------------------------------------------------------------------------
Laenude keskmine intress (aastas) 5,2% 6,9%
----------------------------------------------------------------------------
ROIC (jooksev 4 kvartalit) neg neg
----------------------------------------------------------------------------
ROE (jooksev 4 kvartalit) neg neg
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Töötajate arv perioodi lõpul 76 140
----------------------------------------------------------------------------
TULUD JA KASUM
I kvartal 2013 I kvartal 2012
-------------------------------------------------------
EUR miljonites
-------------------------------------------------------
Müügitulu
-------------------------------------------------------
Teenindus 0,6 0,6
-------------------------------------------------------
Arendus 1,2 0,7
-------------------------------------------------------
Ehitus 1,1 2,4
-------------------------------------------------------
Elimineerimine -0,1 -0,1
-------------------------------------------------------
Müügitulu kokku 2,8 3,6
-------------------------------------------------------
-------------------------------------------------------
Ärikasum
-------------------------------------------------------
Teenindus 0,0 0,0
-------------------------------------------------------
Arendus 0,4 -0,6
-------------------------------------------------------
Ehitus 0,0 0,4
-------------------------------------------------------
Elimineerimine 0,0 0,0
-------------------------------------------------------
Jagamatud tulud-kulud -0,1 -0,3
-------------------------------------------------------
Ärikasum kokku 0,3 -0,5
-------------------------------------------------------
-------------------------------------------------------
Intressitulud ja -kulud -0,3 -0,4
-------------------------------------------------------
Puhaskasum 0,0 -0,9
-------------------------------------------------------
RAHAVOOD
I kvartal 2013 I kvartal 2012
--------------------------------------------------------------------------
EUR miljonites
--------------------------------------------------------------------------
Äritegevuse rahavood 0,1 -1,2
--------------------------------------------------------------------------
Investeerimistegevuse rahavood 1,4 1,0
--------------------------------------------------------------------------
Finantseerimistegevuse rahavood -1,8 -0,3
--------------------------------------------------------------------------
Perioodi rahavood kokku -0,3 -0,4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Raha ja raja ekvivalendid perioodi alguses 1,8 2,2
--------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 1,5 1,8
--------------------------------------------------------------------------
Suurimad lühiajalised laenukohustused järgmise 12 kuu jooksul:
-- laen vastavalt tagastusgraafikule projektis Boulevard Residence Madrid
Sofias summas 0,7 mln eurot;
-- Manastirski projekti laen summas 1,7 mln eurot;
-- Bišumuiža 1 projekti laen summas 0,5 mln eurot.
2013. aasta I kvartali jooksul on makstud laenu tagasi Madridi ja Manastirski
projektis Sofias ning tagastatud täielikult Pärnu Turg OÜ ja AS Kolde laen.
Lisaks on müügist sõltuv laenutagastus toimunud ettevõttes Marsili II SIA ning
põhiosa tagasimaksega graafik on kehtestatud Arco Real Estate AS-i
pangalaenule.
TEENINDUSDIVISJON
Teenindusdivisjoni tulemus on 2013. aasta I kvartalis olnud parem kui aasta
varem. 2013. aasta I kvartali ärikasum oli kokku 46 tuhat eurot võrreldes 5
tuhande euro suuruse ärikahjumiga 2012. aasta I kvartalis. 2013. aasta I
kvartali müügitulu oli 572 tuhat eurot, mis on sisuliselt sama võrreldes 2012.
aasta I kvartaliga. Kontserni vahendustehingute arv võrreldes eelmise aasta
sama perioodiga on tõusnud 3% ning hindamisaktide arv 6%. Samal ajal on
maaklerite arv vähenenud 5% ja hindajate arv suurenenud 18%.
I kvartal 2013 I kvartal 2012 muutus, %
--------------------------------------------------------------------------------
Vahendatud objektide arv perioodis 323 313 3%
--------------------------------------------------------------------------------
Müügis olevad projektid perioodi 177 162 9%
lõpus, tk
--------------------------------------------------------------------------------
Hindamisaktide arv perioodis 1470 1382 6%
--------------------------------------------------------------------------------
Hindajate arv perioodi lõpus¹ 46 39 18%
--------------------------------------------------------------------------------
Maaklerite arv perioodi lõpus¹ 71 75 -5%
--------------------------------------------------------------------------------
Divisjoni töötajate arv perioodi 37 45 -18%
lõpus
--------------------------------------------------------------------------------
¹ sisaldab käsunduslepinguid
ARENDUSDIVISJON
2013. aasta I kvartalis müüdi Arco Vara projektides 14 korterit ja 1 krunt.
Lätis müüdi 1 Baltezersi krunt, Eestis 3 Kodukolde korterit ning Bulgaarias 11
Manastirski korterit.
Kodukolde projektis valmisid 2012. aasta juunikuus kuuenda etapina Helme tn 16
kaks kortermaja kokku 48 korteriga ning maiks 2013 on realiseeritud
asjaõiguslike müügilepingutega kokku 46 korterit. Müümata korterite laoseis
projektis oli 2013. aasta 1 kvartali lõpus 3 ja vahearuande väljaandmise hetkel
2 korterit.
Tehnika tn 53 projekteeritud B energiaklassile vastava elu-ja ärihoonele nimega
Kastanimaja saadi ehitusluba jaanuaris 2012. Ehitustegevuse lõpptähtajaks on
planeeritud august 2013. Korterite eelmüügiga alustati mais 2012. Müügitegevus
on osutunud edukaks ning vahearuande esitamise ajaks oli võlaõiguslike
müügilepingutega müüdud 12 korterit 14-st.
Bulgaarias on lõppenud Manastirski projekti I etapi ehitus. I etapis valminud
74-st korterist on 31.03.2013 seisuga broneeritud või müüdud 90%. Tänaseks on
alustatud ka Manastirski projekti II etapi planeerimistöödega. Boulevard
Residence Madrid äri- ja eluhoones Sofias jätkub äri- ja büroopindade
väljarentimine ja vabade korterite müük.
Kui Lätis Bišumuiža 1 korterelamute arendusprojektis peatati III kv 2012
edasine arendus- ja ehitustegevus, siis veebruaris 2013 pikendati väljastatud
ehitusluba korterelamute arendamise jätkamiseks. Maja 14 korteri ja 1149
ruutmeetrise müügipinnaga valmib augustis 2013. Hetkel käivad
siseviimistlustööd. Maiks 2013 on broneeritud 8 korterit. Oma järge ootab
projekti viimane 14 korteriga maja, majakarp on valmis. Projekti raames on
varem valminud 7 maja, mille kõik korterid on müüdud.
1 märtsil võõrandas Arco Investeeringute AS 100%-se osaluse tütarettevõttes
Pärnu Turg OÜ ettevõttele Bellvory Turg OÜ.
01.02.2013 ütles Tivoli Arendus OÜ üles projekteerimis- ja ehitustööde
töövõtulepingu Nordeconiga, kuna Nordecon rikkus oluliselt lepingust tulenevaid
kohustusi. 11.04.2013 esitas Tivoli Arenduse võlausaldaja Kylemore
International Invest Corp sissenõude ja käivitas täitemenetluse Tivoli
Arendusele kuuluvate kinnistute müümiseks ning oma nõude rahuldamiseks.
Täitemenetlusega ühines ka Arco Vara.
Pangalaenu sissenõudmiseks alustas Danske Bank A/S täitemenetluse Arco
Investeeringute AS-i 50%-se osalusega ühisettevõtte Arco HCE OÜ suhtes.
Täitemenetluse objektiks oli Danske Bank A/S-i kasuks seatud hüpoteek
kinnistule Ahtri 3. 20.02.2013 peatas kohus täitemenetluse Arco HCE OÜ suhtes.
Paralleelselt otsib Arco Vara alternatiivseid võimalusi olukorra lahendamiseks.
2013. aasta märtsi lõpu seisuga töötas divisjonis kokku 6 inimest (31.12.2012
seisuga 10 inimest).
Projektide kohta leiab lisainfot: www.arcorealestate.com/arendus
EHITUSDIVISJON
Ehitusdivisjon on spetsialiseerinud keskkonna- ja infrastruktuuriprojektide
ehitusele.
2013. aasta I kvartali lõpu seisuga on suuremateks käimas-olevateks
ehitusprojektideks Paide reoveepuhastusjaama ehitus jäägiga 1,3 mln eurot ning
Kuusalu ühisveevärgi ja kanalisatsiooni ehitus jäägiga 0,9 mln eurot.
2013. aasta I kvartalis sõlmiti uusi ehituslepinguid 34 tuh euro väärtuses.
Ehituslepingute järelejäänud maht on 2013. aasta I kvartali lõpu seisuga 2,3
mln eurot võrreldes 2012. aasta I kvartali lõpu 12,9 mln euroga.
2013. aasta märtsi lõpu seisuga töötas divisjonis kokku 19 inimest (31.12.2012
seisuga 26 inimest).
Konsolideeritud koondkasumiaruanne
Lisa I kvartal 2013 I kvartal 2012
--------------------------------------------------------------------------------
EUR tuhandetes
--------------------------------------------------------------------------------
Müügitulu teenuste müügist 1 940 3 368
--------------------------------------------------------------------------------
Müügitulu enda kinnisvara müügist 882 260
--------------------------------------------------------------------------------
Müügitulu kokku 3 2 822 3 628
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud kaupade ja teenuste kulu 4 -2 081 -2 815
--------------------------------------------------------------------------------
Brutokasum 741 813
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muud äritulud 19 192
--------------------------------------------------------------------------------
Turustuskulud 5 -65 -82
--------------------------------------------------------------------------------
Üldhalduskulud 6 -490 -697
--------------------------------------------------------------------------------
Muud ärikulud -18 -716
--------------------------------------------------------------------------------
Kasum tütarettevõtte müügist 11 98 0
--------------------------------------------------------------------------------
Ärikasum 285 -490
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 7 12 22
--------------------------------------------------------------------------------
Finantskulud 7 -258 -394
--------------------------------------------------------------------------------
Aruandeperioodi puhaskasum 39 -862
--------------------------------------------------------------------------------
Emaettevõtte omanike osa puhaskasumis 38 -847
--------------------------------------------------------------------------------
Mitte-kontrolliva osaluse osa puhaskasumis 1 -15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aruandeperioodi koondkasum 39 -862
-------------------------------
-------------------------------------------------
Emaettevõtte omanike osa koondkasumis 38 -847
-------------------------------
Mitte-kontrolliva osaluse osa koondkasumis 1 -15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Puhaskasum aktsia kohta eurodes 8 0,01 -0,18
--------------------------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
Lisa 31.03.2013 31.12.2012
--------------------------------------------------------------------------------
EUR tuhandetes
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid 1 433 1 775
--------------------------------------------------------------------------------
Nõuded ja tehtud ettemaksed 9 3 391 3 094
--------------------------------------------------------------------------------
Varud 10 11 542 11 701
--------------------------------------------------------------------------------
Käibevara kokku 16 366 16 570
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Kapitaliosaluse meetodil kajastatavad 1 1
investeeringud
--------------------------------------------------------------------------------
Kinnisvarainvesteeringud 11 12 083 14 097
--------------------------------------------------------------------------------
Materiaalne põhivara 526 540
--------------------------------------------------------------------------------
Immateriaalne põhivara 20 21
--------------------------------------------------------------------------------
Põhivara kokku 12 630 14 659
--------------------------------------------------------------------------------
VARAD KOKKU 28 996 31 229
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Laenukohustused 12 3 422 16 838
--------------------------------------------------------------------------------
Võlad ja saadud ettemaksed 13 6 558 6 645
--------------------------------------------------------------------------------
Eraldised 3 077 3 084
--------------------------------------------------------------------------------
Lühiajalised kohustused kokku 13 057 26 567
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Laenukohustused 12 12 533 1 231
--------------------------------------------------------------------------------
Võlad ja saadud ettemaksed 13 0 64
--------------------------------------------------------------------------------
Pikaajalised kohustused kokku 12 533 1 295
--------------------------------------------------------------------------------
KOHUSTUSED KOKKU 25 590 27 862
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsiakapital 8 3 319 3 319
--------------------------------------------------------------------------------
Kohustuslik reservkapital 2 011 2 011
--------------------------------------------------------------------------------
Jaotamata kasum -1 920 -1 958
--------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv omakapital 3 410 3 372
--------------------------------------------------------------------------------
Mittekontrolliv osalus -4 -5
--------------------------------------------------------------------------------
Omakapital kokku 3 406 3 367
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 28 996 31 229
--------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne
Lisa I kvartal I kvartal
2013 2012
--------------------------------------------------------------------------------
EUR tuhandetes
--------------------------------------------------------------------------------
Laekumised klientidelt 3 398 6 018
--------------------------------------------------------------------------------
Tasumised tarnijatele -2 412 -6 818
--------------------------------------------------------------------------------
Maksude tasumine -543 -529
--------------------------------------------------------------------------------
Tagastatud maksud 53 235
--------------------------------------------------------------------------------
Väljamaksed töötajatele -294 -417
--------------------------------------------------------------------------------
Muud tasumised ja laekumised äritegevusest -57 -24
--------------------------------------------------------------------------------
RAHAVOOD ÄRITEGEVUSEST KOKKU 145 -1 535
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara soetus 0 -12
--------------------------------------------------------------------------------
Materiaalse põhivara müük 2 0
--------------------------------------------------------------------------------
Kinnisvarainvesteeringute müük 20 1 140
--------------------------------------------------------------------------------
Laekunud müügiootel põhivara müügist 0 373
--------------------------------------------------------------------------------
Tütarettevõtte müük 1 610 0
--------------------------------------------------------------------------------
Antud laenud 0 -63
--------------------------------------------------------------------------------
Tagatisdeposiitide avamine -263 0
--------------------------------------------------------------------------------
Saadud intressid 4 3
--------------------------------------------------------------------------------
Muud tasumised investeerimistegevusest 0 -29
--------------------------------------------------------------------------------
RAHAVOOD INVESTEERIMISTEGEVUSEST KOKKU 1 373 1 412
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Saadud laenud 12 93 261
--------------------------------------------------------------------------------
Laenude ja kapitalirendikohustuste 12 -1 666 -165
tagasimaksed
--------------------------------------------------------------------------------
Makstud intressid -248 -393
--------------------------------------------------------------------------------
Muud tasumised finantseerimistegevusest -2 -2
--------------------------------------------------------------------------------
RAHAVOOD FINANTSEERIMISTEGEVUSEST KOKKU -1 823 -299
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RAHAVOOD KOKKU -305 -422
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 1 775 2 209
--------------------------------------------------------------------------------
Raha ja raha ekvivalentide muutus -305 -422
--------------------------------------------------------------------------------
Raha ja raha ekvivalentide vähenemine -37 0
tütarettevõtte müügil
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 1 433 1 787
--------------------------------------------------------------------------------
Egert Paulberg
Finantskontroller
Arco Vara AS
Tel: +372 614 4503
[email protected]
Content of announcement in English
Title
Arco Vara AS Interim report I quarter 2013
Message
GROUP CHIEF EXECUTIVE’S REVIEW
General commentary
In the first quarter the group’s operations in Bulgaria stabilised because we
succeeded in changing the conditions of the loan agreements with Piraeus bank
that financed the Manastirski and Madrid projects. In addition, we restarted
completion of the Bišumuiža apartments in Latvia.
At the same time, the situation in Estonia became more strained due to
circumstances surrounding the group’s Ahtri 3 and Tivoli projects that are
50/50 joint ventures with external partners. Danske bank, which had financed
the Ahtri 3 project, initiated enforcement proceedings against the group’s
joint venture Arco HCE and called in the surety guarantee provided by its
shareholders, Arco Investeeringute AS and OÜ Ahtrimaa. There are currently
three litigations in progress and enforcement proceedings have been suspended.
Parallel to legal action, the parties are seeking constructive solutions. It is
quite probable that in the near future a solution will be found, which will
satisfy all parties.
In the Tivoli project, the venture partner, International Invest Project OÜ,
and Kylemore International Invest Corp, which had financed the project,
terminated the loan agreement of the group’s joint venture Tivoli Arendus OÜ.
Moreover, due to contractor’s breach, Tivoli Arendus OÜ was forced to terminate
the construction contract. Realisation of the Tivoli project in the manner and
timeframe foreseen in the business plan, which was difficult already at the end
of 2012, became impossible. The group and the partner have been seeking
solutions for restructuring or ending the project in the least damaging manner,
considering the surety guarantee provided by Arco Vara AS, the rankings of the
mortgages created on the Tivoli properties and the balances and interest rates
of the loans provided to Tivoli Arendus OÜ. By the date of release of this
report, the Tivoli property has been put up for auction. It is also probable
that in the second or third quarter a solution can be found that will satisfy
all involved.
Commentary on sales volumes
The decrease in first quarter revenue compared with the same period in 2012 was
expected because the group is discontinuing its environmental engineering
operations. In 2011-2012, the Construction division contributed around 40% of
the group’s turnover. Hence, shrinkage in its operations has a strong impact on
the group’s sales. I would like to emphasize that all construction-related
commitments have been duly met although during last month this has required
significant efforts from other group companies as well as Arco Ehitus OÜ
itself.
The Development division increased its first quarter sales by 71% and the
Service division maintained stable performance. However, in absolute terms the
revenue of the Development division is relatively small and our target is to
increase it.
Commentary on profit
The group’s target for 2013 was to start earning operating profit. We ended the
first quarter with an operating profit as well as a minimal net profit.
However, to uphold the trend and increase profits, we will have to grow our
sales volumes. Although growth is supported by the Service division, the main
opportunities for growth lie in continuing and expanding development
operations. It would be difficult to finance expansion of development
operations with the group’s current capital. Thus, in 2013 solutions will have
to be found for raising additional capital.
Commentary on the loan burden
In the first quarter the group reduced its loan burden significantly. At 31
December 2012 interest-bearing loans and borrowings totalled 18.8 million euros
and at 31 March 2013 16.6 million euros, a decrease of 2.2 million euros within
three months. In addition, we lowered the average loan interest rate, which
has had a positive impact on our performance, particularly in Bulgaria. The
loan burden can be further reduced by selling finished goods. However, we will
have to raise additional funds to continue and expand our development
operations. Thus, we do not foresee a rapid decline in the group’s loan burden.
Commentary on human resources
In the first quarter the number of people working for the group did not change
considerably and we are not planning to make any major changes to personnel or
personnel expenses except for those resulting from shrinkage of operations at
the Construction division. The main focus is on streamlining our operations and
creating intra-group synergies.
KEY PERFORMANCE INDICATORS
In the first quarter of 2013, the group generated revenue of 2.8 million euros
compared with 3.6 million euros in the first quarter of 2012. Revenue was 22%
smaller than in the comparative period mainly because construction volumes
decreased significantly. At the same time, the revenue of the Service division
remained stable and the Development division increased its revenue by 71% (year
over year).
-- Operating profit for the first quarter amounted to 0.3 million. The same
period in 2012 ended in an operating loss of 0.5 million euros.
-- Net profit for the first quarter was 39 thousand euros compared with a net
loss of 1.3 million euros incurred in the first quarter of 2012.
-- Equity to assets ratio improved to 11.7% (31 December 2012: 10.8%).
-- The loan burden (net loans) decreased to 14.2 million euros (31 March 2012:
22.3 million euros) and the average interest rate of loans dropped to 5.2%
per year.
-- At the end of the first quarter, the group’s order backlog stood at 2.3
million euros compared with 12.9 million euros at the end of the first
quarter of 2012. In 2013, the group will duly complete all environmental
engineering projects, which are in progress. After that, the group is
planning to discontinue provision of environmental engineering services.
-- In the first quarter, the group sold 15 apartments and plots in its
self-developed projects (2012 Q1: 4).
Q1 2013 Q1 2012
-----------------------------------------------------------
In millions of euros
-----------------------------------------------------------
Revenue 2.8 3.6
-----------------------------------------------------------
Operating profit/loss 0.3 -0.5
-----------------------------------------------------------
Net profit/loss 0.0 -1.3
-----------------------------------------------------------
-----------------------------------------------------------
EPS (in euros) 0.01 -0.18
-----------------------------------------------------------
-----------------------------------------------------------
Total assets at period-end 29.0 54.9
-----------------------------------------------------------
Invested capital at period-end 19.4 44.3
-----------------------------------------------------------
Net loans at period-end 14.2 22.3
-----------------------------------------------------------
Equity at period-end 3.4 20.3
-----------------------------------------------------------
-----------------------------------------------------------
Average loan term (in years) 2.1 2.3
-----------------------------------------------------------
Average interest rate of loans (per year) 5.2% 6.9%
-----------------------------------------------------------
ROIC (rolling, four quarters) neg neg
-----------------------------------------------------------
ROE (rolling, four quarters) neg neg
-----------------------------------------------------------
-----------------------------------------------------------
Number of staff at period-end 76 140
-----------------------------------------------------------
REVENUE AND PROFIT
Q1 2013 Q1 2012
-------------------------------------------------
In millions of euros
-------------------------------------------------
Revenue
-------------------------------------------------
Service 0.6 0.6
-------------------------------------------------
Development 1.2 0.7
-------------------------------------------------
Construction 1.1 2.4
-------------------------------------------------
Eliminations -0.1 -0.1
-------------------------------------------------
Total revenue 2.8 3.6
-------------------------------------------------
-------------------------------------------------
Operating profit/loss
-------------------------------------------------
Service 0.0 0.0
-------------------------------------------------
Development 0.4 -0.6
-------------------------------------------------
Construction 0.0 0.4
-------------------------------------------------
Eliminations 0.0 0.0
-------------------------------------------------
Unallocated income and expenses -0.1 -0.3
-------------------------------------------------
Total operating profit/loss 0.3 -0.5
-------------------------------------------------
-------------------------------------------------
Interest income and expense -0.3 -0.4
-------------------------------------------------
Net profit/loss 0.0 -0.9
-------------------------------------------------
CASH FLOWS
Q1 2013 Q1 2012
------------------------------------------------------------------
In millions of euros
------------------------------------------------------------------
Cash flows from operating activities 0.1 -1.2
------------------------------------------------------------------
Cash flows from investing activities 1.4 1.0
------------------------------------------------------------------
Cash flows from financing activities -1.8 -0.3
------------------------------------------------------------------
Net cash flow -0.3 -0.4
------------------------------------------------------------------
------------------------------------------------------------------
Cash and cash equivalents at beginning of period 1.8 2.2
------------------------------------------------------------------
Cash and cash equivalents at end of period 1.5 1.8
------------------------------------------------------------------
At 31 March 2013, the largest current liabilities to be settled in the next 12
months comprised:
-- repayments to be made under the settlement schedule of the loan of the
Boulevard Residence Madrid project in Sofia of 0.7 million euros;
-- repayments of the loan taken for the Manastirski project of 1.7 million
euros;
-- repayments of the loan taken for the Bišumuiža 1 project of 0.5 million
euros.
In the first quarter of 2013, the group made repayments of the loans taken for
the Madrid and Manastirski projects in Sofia and repaid in full the loans taken
by Pärnu Turg OÜ and Kolde AS.
In addition, sales-linked loan repayments were made by Marsili II SIA and
repayments were made under the settlement schedule agreed for the bank loan
taken by Arco Real Estate AS.
SERVICE DIVISION
In the first quarter of 2013, the Service division performed better than a year
ago, generating an operating profit of 46 thousand euros compared with an
operating loss of 5 thousand euros incurred in the first quarter of 2012.
Revenue for the first quarter of 2013 was 572 thousand euros, which is
practically equal to the figure posted a year ago. The number of brokerage
transactions increased by 3% and the number of valuation reports issued grew by
6% year over year. At the same time, the number of brokers decreased by 5% and
the number of appraisers increased by 18%.
Q1 2013 Q1 2012 Change, %
--------------------------------------------------------------------------------
Number of completed brokerage transactions 323 313 3%
--------------------------------------------------------------------------------
Number of projects on sale at end of period 177 162 9%
--------------------------------------------------------------------------------
Number of valuation reports issued during the 1,470 1,382 6%
period
--------------------------------------------------------------------------------
Number of appraisers at end of period¹ 46 39 18%
--------------------------------------------------------------------------------
Number of brokers at end if period¹ 71 75 -5%
--------------------------------------------------------------------------------
Number of staff at end of period 37 45 -18%
--------------------------------------------------------------------------------
¹ Includes people working under service contracts
DEVELOPMENT DIVISION
In the first quarter of 2013, Arco Vara sold 14 apartments and 1 plot in its
own development projects: 1 plot in the Baltezers project in Latvia, 3
apartments in the Kodukolde project in Estonia and 11 apartments in the
Manastirski project in Bulgaria.
Phase VI of the Kodukolde development project at Helme 16 in Tallinn, which
consists of two apartment buildings with a total of 48 apartments, was
completed in June 2012. Out of those apartments, 46 were sold (final sales
under real right contracts) by May 2013. At the end of the first quarter the
project’s inventory comprised 3 unsold apartments and by the date of release of
this report the figure has decreased to 2.
In January 2012, we obtained a permit for the construction of a residential and
commercial building of energy class B called Kastanimaja (Chestnut House) at
Tehnika 53 in Tallinn. According to plan, construction work will be completed
by August 2013. Pre-sale of apartments, which began in May 2012, has been
successful: by the date of release of this report 12 of the 14 apartments have
been sold based on contracts under the law of obligations (pre-sale contracts).
In Bulgaria, the construction of phase I of the Manastirski project has been
completed. At 31 March 2013, 90% of the 74 apartments were either reserved or
sold. We have started planning phase II of the Manastirski project. In the
commercial and residential building Boulevard Residence Madrid in Sofia we
continue to lease out commercial and office premises and to sell the remaining
free apartments.
In the third quarter of 2012, we suspended development and construction in the
Bišumuiža 1 apartment buildings project in Latvia. However, in February 2013 we
extended the construction permit to continue development of the project. A
building with 14 apartments and a sellable area of 1,149 square metres, which
is currently in the stage of interior finishing works, will be completed in
August 2013. By the date of release of this report, 8 of the apartments have
been reserved. After that we are going to develop the project’s last building,
also with 14 apartments. The outer shell has already been erected. All
apartments in the project’s previously completed 7 buildings have been sold.
On 1 March, Arco Investeeringute AS sold its 100% interest in the subsidiary
Pärnu Turg OÜ to Bellvory Turg OÜ.
On 1 February 2013, Tivoli Arendus OÜ terminated the design and build contract
with Nordecon AS because the counterparty had seriously breached its
contractual obligations. On 11 April 2013, Kylemore International Invest Corp,
a creditor of Tivoli Arendus OÜ, presented a claim for payment and initiated
execution proceedings for satisfying its claim through sale of the properties
belonging to Tivoli Arendus OÜ. Arco Vara AS joined the execution proceedings.
In order to recover a loan, Danske Bank A/S initiated enforcement proceedings
against Arco HCE OÜ, which is a 50% joint venture of Arco Investeeringute AS.
The object of the proceedings was to exercise a mortgage created for the
benefit of Danske Bank A/S on the property located at Ahtri 3 in Tallinn. On 20
February 2013, the court suspended the enforcement proceedings against Arco HCE
OÜ. Concurrently with the legal proceedings, Arco Vara AS is seeking
alternative solutions for resolving the situation.
At the end of March 2013, the division employed 6 people (31 December 2012: 10).
For further information on our projects, please refer to:
www.arcorealestate.com/development.
CONSTRUCTION DIVISION
The Construction division specialises in environmental engineering and
infrastructure construction.
At the end of the first quarter of 2013, the largest contracts in progress were
the construction of the Paide wastewater treatment plant (remaining balance 1.3
million euros) and the construction of the Kuusalu public water and wastewater
network (remaining balance 0.9 million euros).
In the first quarter of 2013, the group secured new construction contracts of
34 thousand euros. At the end of the first quarter, the order backlog stood at
2.3 million euros compared with 12.9 million euros at the end of the first
quarter of 2012.
At 31 March 2013, the division employed 19 people (31 December 2012: 26 people).
Consolidated statement of comprehensive income
Note Q1 2013 Q1 2012
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Revenue from rendering of services 1,940 3,368
--------------------------------------------------------------------------------
Revenue from sale of own real estate 882 260
--------------------------------------------------------------------------------
Total revenue 3 2,822 3,628
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cost of sales 4 -2,081 -2,815
--------------------------------------------------------------------------------
Gross profit 741 813
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other income 19 192
--------------------------------------------------------------------------------
Marketing and distribution expenses 5 -65 -82
--------------------------------------------------------------------------------
Administrative expenses 6 -490 -697
--------------------------------------------------------------------------------
Other expenses -18 -716
--------------------------------------------------------------------------------
Gain on sale of a subsidiary 11 98 0
--------------------------------------------------------------------------------
Operating profit/loss 285 -490
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income 7 12 22
--------------------------------------------------------------------------------
Finance costs 7 -258 -394
--------------------------------------------------------------------------------
Profit/loss for the period attributable to 39 -862
-----------------
---------------------------------------------------------------
Owners of the parent 38 -847
-----------------
Non-controlling interests 1 -15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income/expense for the period 39 -862
attributable to
-----------------
---------------------------------------------------------------
Owners of the parent 38 -847
-----------------
Non-controlling interests 1 -15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share (in euros) 8 0.01 -0.18
--------------------------------------------------------------------------------
Consolidated statement of financial position
Note 31 March 31 December
2013 2012
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Cash and cash equivalents 1,433 1,775
--------------------------------------------------------------------------------
Receivables and prepayments 9 3,391 3,094
--------------------------------------------------------------------------------
Inventories 10 11,542 11,701
--------------------------------------------------------------------------------
Total current assets 16,366 16,570
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Investments in equity-accounted investees 1 1
--------------------------------------------------------------------------------
Investment property 11 12,083 14,097
--------------------------------------------------------------------------------
Property, plant and equipment 526 540
--------------------------------------------------------------------------------
Intangible assets 20 21
--------------------------------------------------------------------------------
Total non-current assets 12,630 14,659
--------------------------------------------------------------------------------
TOTAL ASSETS 28,996 31,229
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 12 3,422 16,838
--------------------------------------------------------------------------------
Payables and deferred income 13 6,558 6,645
--------------------------------------------------------------------------------
Provisions 3,077 3,084
--------------------------------------------------------------------------------
Total current liabilities 13,057 26,567
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 12 12,533 1,231
--------------------------------------------------------------------------------
Payables and deferred income 13 0 64
--------------------------------------------------------------------------------
Total non-current liabilities 12,533 1,295
--------------------------------------------------------------------------------
TOTAL LIABILITIES 25,590 27,862
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 8 3,319 3,319
--------------------------------------------------------------------------------
Statutory capital reserve 2,011 2,011
--------------------------------------------------------------------------------
Retained earnings -1,920 -1,958
--------------------------------------------------------------------------------
Total equity attributable to owners of the 3,410 3,372
parent
--------------------------------------------------------------------------------
Equity attributable to non-controlling -4 -5
interests
--------------------------------------------------------------------------------
Total equity 3,406 3,367
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 28,996 31,229
--------------------------------------------------------------------------------
Consolidated statement of cash flows
Note Q1 2013 Q1 2012
--------------------------------------------------------------------------------
In thousands of euros
--------------------------------------------------------------------------------
Cash receipts from customers 3,398 6,018
--------------------------------------------------------------------------------
Cash paid to suppliers -2,412 -6,818
--------------------------------------------------------------------------------
Taxes paid -543 -529
--------------------------------------------------------------------------------
Taxes recovered 53 235
--------------------------------------------------------------------------------
Cash paid to employees -294 -417
--------------------------------------------------------------------------------
Other cash payments and receipts related to operating -57 -24
activities
--------------------------------------------------------------------------------
NET CASH FROM/USED IN OPERATING ACTIVITIES 145 -1,535
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Purchase of property, plant and equipment and intangible 0 -12
assets
--------------------------------------------------------------------------------
Proceeds from sale of property, plant and equipment 2 0
--------------------------------------------------------------------------------
Proceeds from sale of investment property 20 1,140
--------------------------------------------------------------------------------
Proceeds from sale of non-current assets held for sale 0 373
--------------------------------------------------------------------------------
Proceeds from sale of a subsidiary 1,610 0
--------------------------------------------------------------------------------
Loans provided 0 -63
--------------------------------------------------------------------------------
Placement of security deposits -263 0
--------------------------------------------------------------------------------
Interest received 4 3
--------------------------------------------------------------------------------
Other payments related to investing activities 0 -29
--------------------------------------------------------------------------------
NET CASH FROM INVESTING ACTIVITIES 1,373 1,412
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Proceeds from loans received 12 93 261
--------------------------------------------------------------------------------
Settlement of loans and finance lease liabilities 12 -1,666 -165
--------------------------------------------------------------------------------
Interest paid -248 -393
--------------------------------------------------------------------------------
Other payments related to financing activities -2 -2
--------------------------------------------------------------------------------
NET CASH USED IN FINANCING ACTIVITIES -1,823 -299
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CASH FLOW -305 -422
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at beginning of period 1,775 2,209
--------------------------------------------------------------------------------
Decrease in cash and cash equivalents -305 -422
--------------------------------------------------------------------------------
Decrease in cash and cash equivalents through sale of a -37 0
subsidiary
--------------------------------------------------------------------------------
Cash and cash equivalents at end of period 1,433 1,787
--------------------------------------------------------------------------------
Egert Paulberg
Financial Controller
Arco Vara AS
Phone: +372 614 4503
[email protected]