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
5765
Attachments
Submission date and time
03.11.2016 16:17:39
Content of announcement in Estonian
Title
Arco Vara AS-i 2016. aasta III kvartali ja 9 kuu konsolideeritud auditeerimata vahearuanne
Message
Üldinfo
Arco Vara AS ning tema kontserni kuuluvate ettevõtete (edaspidi „kontsern“)
tegevus hõlmab kinnisvaraarendust ning kinnisvaraga seotud teenuseid. Kontserni
aktiivseteks turgudeks on Eesti, Läti ja Bulgaaria. Kontserni tegevus on
jaotatud kaheks tegevussegmendiks: teenindusdivisjon ja arendusdivisjon.
Teenindusdivisjoni põhitegevus on kinnisvara vahendamine ja hindamine,
kinnisvara haldamine, nõustamine, samuti lühiajalised investeeringud
elamukinnisvarasse. Teenindusdivisjoni pakutavaks lisaväärtuseks kontsernile on
analüütilised andmed turu nõudluse ja pakkumise, samuti ostjaskonna käitumise
kohta. Analüütilised andmed võimaldavad langetada paremaid otsuseid
kinnisvaraarenduses: maatükkide soetamisel, planeerimisel ja projekteerimisel,
lõpptoodete hinnastamisel ning otsuse langetamisel ehituse alustamise kohta.
Arendusdivisjoni põhitegevus on terviklike elukeskkondade ning ärikinnisvara
väljaarendamine. Elukeskkonna arendamisel müüakse valminud objektid
lõpptarbijale. Teatud juhtudel tegeleb kontsern ka ärikinnisvara arendusega,
kus eesmärk on luua rahavoogu genereeriv kinnisvaraobjekt kas enda rahavoogude
tugevdamiseks või edasimüügiks. Kontsern juba omab lõpetatud
ärikinnisvaraobjekte, millelt teenitakse renditulu.
30.09.2016 seisuga kuulus kontserni 23 ettevõtet, mida on kahe võrra vähem kui
2015. aasta lõpus. 19. veebruaril 2016 kustutati Eesti äriregistrist kontserni
tütarettevõte Fineprojekti OÜ, mille likvideerimist alustati 2014. aastal.
Likvideerimine kaotas kontserni struktuurist ka Fineprojekti OÜ Rumeenia
tütarettevõtte Arco Capital Real Estate SRL. 2016. aasta I kvartalis suurendati
kontserni osalust 70%-lt 100%-le Bulgaaria kinnisvarafondis Arco Real Estate
Fund REIT ja täiendavalt suurendati fondi aktsiakapitali 77 tuhande euro võrra.
2016. aasta aprillis müüs kontsern Bulgaarias 100%-lise tütarettevõtte Arco BB
EOOD ja 2016. aasta mais ostis kontsern Bulgaarias 100% tütarettevõtte Iztok
Parkside EOOD. Ükski eelnimetatud tehing ei omanud kontserni netovarale olulist
mõju.
Olulised tütarettevõtted
Ettevõtte Asukoh Tegevus-s Aktsia- või Omakapital Kontserni
nimi ariik egment osakapital 30.09.2016 osalus
(nominaalväärtuses)
--------------------------------------------------------------------------------
EUR
tuhandetes
--------------------------------------------------------------------------------
Arco Bulgaa arendus 2 676 4 091 100%
Manastirski ria
EOOD
--------------------------------------------------------------------------------
Arco Invest Bulgaa arendus 26 826 -501 100%
EOOD ria
--------------------------------------------------------------------------------
Iztok Bulgaa arendus 1 433 1 234 100%
Parkside ria
EOOD
--------------------------------------------------------------------------------
Arco Real Bulgaa arendus 332 298 100%
Estate Fund ria
REIT
--------------------------------------------------------------------------------
Kodulahe OÜ Eesti arendus 3 -265 100%
--------------------------------------------------------------------------------
Kerberon OÜ Eesti arendus 5 1 259 100%
--------------------------------------------------------------------------------
Marsili II Läti arendus 1 524 954 100%
SIA
--------------------------------------------------------------------------------
Arco Real Eesti teenindus 42 -1 058 100%
Estate AS
--------------------------------------------------------------------------------
Arco Real Läti teenindus 1 905 31 70,6%
Estate SIA ¹
--------------------------------------------------------------------------------
Arco Imoti Bulgaa teenindus 444 174 100%
EOOD ria
--------------------------------------------------------------------------------
¹ - Arco Real Estate SIA mitte-kontrolliv osalus moodustab kontserni
mitte-kontrolliva osaluse.
Põhilised näitajad
· Kontserni 2016. aasta III kvartali müügitulu oli 1,3
miljonit eurot, mis on 39% vähem võrrelduna 2015. aasta kolmanda kvartali
müügituluga 2,1 miljonit eurot. Arendusdivisjoni müügitulu oli kolmandas
kvartalis 0,6 miljonit eurot, vähenedes eelmise aasta kolmanda kvartaliga
võrreldes koguni 57% võrra. Teenindusdivisjoni müügitulu 0,8 miljonit eurot
langes kolmandas kvartalis võrreldes eelmise aasta sama perioodiga 5,4%.
Kontserni 2016. aasta 9 kuu müügitulu 8,4 miljonit eurot on 1,4% vähem kui
2015. aasta võrreldaval perioodil. Arendusdivisjoni müügitulu vähenes 2016.
aasta üheksa kuuga 2,2% võrra 6,4 miljoni euroni ja teenindusdivisjoni
müügitulu oli 2016. aasta 9 kuuga 2,4 miljonit eurot, langedes 1,5% võrrelduna
2015. aasta 9 kuuga.
· Kontserni 2016. aasta III kvartali ärikahjumiks kujunes
0,2 miljonit eurot ja puhaskahjumiks 0,4 miljonit eurot. 2015. aasta III
kvartalis teeniti ärikasumit 0,3 miljonit eurot ja puhaskasumit 0,2 miljonit
eurot. Kontserni 2016. aasta 9 kuu ärikasum (=EBIT) oli 1 miljonit eurot ja
puhaskasum 0,5 miljonit eurot, 2015. aasta 9 kuuga olid samad näitajad
vastavalt 1,4 miljonit eurot ja 0,9 miljonit eurot. Kontserni ärikasum tuleb
arendusdivisjonist, 2016. aasta 9 kuuga 1,5 miljonit eurot (2015. aasta 9 kuuga
1,6 miljonit eurot). Teenindusdivisjoni ärikasum oli nii selle kui eelmise
aasta 9 kuuga nulli lähedal.
· Kontserni laenukoormus on 30.09.2016 seisuga sisuliselt
samal tasemel võrreldes 2015. aasta lõpuga. Netolaenud on 2016. aasta üheksa
kuuga suurenenud 0,3 miljoni euro võrra, tasemele 12,3 miljonit eurot
30.09.2016 seisuga. Laenukohustused moodustasid 30.09.2016 seisuga 12,7
miljonit eurot, vähenedes 9 kuuga 0,1 miljoni euro võrra. Laenukohustuste
kaalutud keskmine intressimäär oli 30.09.2016 seisuga 6,1%, mis on 1,1
protsendipunkti võrra kõrgem võrreldes 31.12.2015 seisuga.
· 2016. aasta III kvartalis müüdi kontserni poolt
arendatavates projektides kokku 2 korterit ja 2 hoonestamata kinnistut (2015.
aasta III kvartalis müüdi 12 korterit, üks äripind ja üks hoonestamata
kinnistu). 2016. aasta 9 kuuga on müüdud 75 korterit, 5 äripinda ja 6
hoonestamata kinnistut (2015. aasta 9 kuud: 73 korterit, 6 äripinda ja üks
hoonestamata kinnistu).
9 kuud 9 kuud III kvartal III kvartal
2016 2015 2016 2015
--------------------------------------------------------------------------------
EUR miljonites
----------- -------------
Müügitulu
--------------------------------------------------------------------------------
Arendus 6,4 6,5 0,6 1,4
--------------------------------------------------------------------------------
Teenindus 2,4 2,4 0,8 0,9
--------------------------------------------------------------------------------
Elimineerimine -0,4 -0,4 -0,1 -0,1
--------------------------------------------------------------------------------
Müügitulu kokku 8,4 8,5 1,3 2,2
--------------------------------------------------------------------------------
----------- -------------
Ärikasum
--------------------------------------------------------------------------------
Arendus 1,5 1,6 0,0 0,4
--------------------------------------------------------------------------------
Teenindus -0,1 0,1 0,0 0,0
--------------------------------------------------------------------------------
Jagamatud tulud-kulud -0,5 -0,4 -0,2 0,0
--------------------------------------------------------------------------------
Elimineerimine 0,1 0,1 0,0 0,0
--------------------------------------------------------------------------------
Ärikasum kokku 1,0 1,4 -0,2 0,4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud ja -kulud -0,5 -0,5 -0,2 -0,2
--------------------------------------------------------------------------------
Puhaskasum 0,5 0,9 -0,4 0,2
--------------------------------------------------------------------------------
Peamised suhtarvud
--------------------------------------------------------------------------------
-------------------------------- ----------- -------------
Puhaskasum aktsia kohta 0,08 0,15 -0,06 0,03
(eurodes)
----------- -------------
-------------
Lahustatud puhaskasum aktsia 0,07 0,14 -0,05 0,03
kohta (eurodes)
-------------------------------------------------------------------
ROIC (jooksev 4 kvartalit) 0,3% 5,6%
--------------------------------------------------------------------------------
ROE (jooksev 4 kvartalit) 0,6% 13,9%
-------------------------------- -------------------------------------
ROA (jooksev 4 kvartalit) 0,3% 5,1%
--------------------------------------------------------------------------------
30.09.2016 31.12.2015
------------------------------------------------------------
EUR miljonites
------------
------------------------------------- -----------
Varad kokku 26,6 24,5
------------
Investeeritud kapital 22,7 22,4
------------------------------------------------------------
Netolaenud 12,3 12,0
------------------------------------------------------------
Omakapital 10,0 9,6
------------------------------------------------------------
------------------------------------------------------------
Lühiajaliste kohustuste kattekordaja 3,22 3,22
------------------------------------------------------------
Likviidsuskordaja 0,20 0,32
------------------------------------------------------------
Finantsvõimendus 2,67 2,54
------------------------------------------------------------
Laenude keskmine pikkus (aastates) 1,2 1,7
------------------------------------------------------------
Laenude keskmine intress (aastas) 6,1% 5,0%
------------------------------------------------------------
Töötajate arv perioodi lõpul 185 178
------------------------------------------------------------
Rahavood
9 kuud 9 kuud III kvartal III kvartal
2016 2015 2016 2015
--------------------------------------------------------------------------------
EUR miljonites
----------- -------------
Äritegevuse rahavood 2,6 3,1 -1,0 -0,1
--------------------------------------------------------------------------------
Investeerimistegevuse rahavood -2,0 -0,1 -1,1 0,0
--------------------------------------------------------------------------------
Finantseerimistegevuse rahavood -0,9 -3,5 1,6 0,3
--------------------------------------------------------------------------------
Perioodi rahavood kokku -0,3 -0,5 -0,5 0,2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Raha ja raja ekvivalendid 0,7 1,7 0,9 1,0
perioodi alguses
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid 0,4 1,2 0,4 1,2
perioodi lõpus
--------------------------------------------------------------------------------
Jätkuvate tegevusvaldkondade müügitulu ja puhaskasum
I kv II kv III kv IV kv Kokku I kv II kv III kv IV kv
Kokku I kv II kv III kv IV kv Kokku I kv II kv III kv Kokku
2013 2013 2013 2013 2013 2014 2014 2014 2014
2014 2015 2015 2015 2015 2015 2016 2016 2016 9k
2016
--------------------------------------------------------------------------------
------------------------------------------------------------------------------
EUR
miljo
nites
--------------------------------------------------------------------------------
------------------------------------------------------------------------------
Müügit 1,7 3,5 3,5 2,0 10,7 1,1 1,1 1,2 5,8
9,2 4,4 2,1 2,1 2,1 10,7 5,1 2,1 1,2 8,4
ulu
--------------------------------------------------------------------------------
---------------------------------------------------------------
-------
Puhask 0,0 1,4 0,1 2,0 3,5 0,4 -0,3 0,4 0,6
1,1 0,7 0,0 0,2 -0,4 0,5 1,1 -0,2 -0,4 0,5
asum
--------------------------------------------------------------------------------
------------------------------------------------------------------------------
KASUTATUD VALEMITE KIRJELDUS
Puhaskasum aktsia kohta = emaettevõtte omanikele kuuluv puhaskasum / perioodi
kaalutud keskmine lihtaktsiate arv
Lahustatud puhaskasum aktsia kohta = emaettevõtte omanikele kuuluv puhaskasum /
(perioodi kaalutud keskmine lihtaktsiate arv + potentsiaalselt emiteeritavate
aktsiate arv)
Investeeritud kapital = lühiajalised intressikandvad kohustused + pikaajalised
kohustused + omakapital (perioodi lõpus)
Netolaenud = lühiajalised intressikandvad kohustused + pikaajalised kohustused
- raha ja raha ekvivalendid - lühiajalised investeeringud väärtpaberitesse
(perioodi lõpus)
Investeeritud kapitali tootlus (ROIC) = viimase nelja kvartali maksueelse
kasumi ja intressikulude summa / keskmine investeeritud kapital
Omakapitali tootlus (ROE) = viimase nelja kvartali puhaskasum / keskmine
omakapital
Varade tootlus (ROA) = viimase nelja kvartali puhaskasum / keskmine varad kokku
Lühiajaliste kohustuste kattekordaja = käibevarad / lühiajalised kohustused
Likviidsuskordaja = (käibevarad - varud) / lühiajalised kohustused
Finantsvõimendus = varad kokku / omakapital
Töötajate arv perioodi lõpul = töölepinguga ja käsunduslepinguga kontserni
jaoks töötavate isikute arv
Juhataja kommentaarid
Arco Vara grupp on rühkinud edasi, tegeledes samaaegselt ühe restruktureeritud
rendikinnisvara töölepaneku, kahe suure elamuarenduse ehituse ning kolme
maakler- ja hindamisüksuse sisemise käiguvahetusega meie koduturgudel.
Edasirühkimine ei ole kujundlikult rääkides kahjuks mitte mõnus pühapäevane
jalutuskäik, vaid pigem teekond läbi kõrbe. Kõikideks nendeks pingutusteks
peame jooksvalt raha välja andma, enne kui me hakkame raha teenima. Nagu olen
varasemates kvartaliaruannetes hoiatanud, saavad meie järgnevate kvartalite
tulemused olema tagasihoidlikud.
Sellegipoolest peaksime kaks asja selgeks tegema: esiteks, edasirühkimine „läbi
kõrbe“ peab olema lõppenud kolmandas kvartalis 2017, kui alustame Kodulahe I
etapi korterite üleandmisega ja kontsern peab uuesti kasumlikuks muutuma ning
teiseks, hoolimata mu enda ilusast selgitusest toimuva kohta, jooksime me
tegelikult kolmandas kvartalis lati alt läbi. Puhaskahjum 0.4 miljonit eurot
oli suurem, kui me ise ootasime.
Nende toimetustega, mida veel bilansis ja kasumiaruandes näha ei ole, saime
pigem hästi hakkama. Kodulahe ehitus edenes vastavalt ajakavale ning
võlaõiguslepingutega eelmüük vastas meie ootustele. Kavatseme I etapi (üle 8
700 m2 müüdav kogupind, umbes 16 miljonit eurot müügitulu) välja müüa 2017.
aasta lõpuks ning peame varsti alustama II etapi ettevalmistusi. Samuti viisime
lõpule Iztok Parkside maa omandamise ja detailplaneeringu, mis tänase
kuupäevaga on jõustunud, ning jätkame ehitushankega, et alustada ehitust veel
sel aastal. IV kvartalis alustame Iztoki eelmüüki. Ning lõpetuseks liikusime
edasi mitmes väiksemas Sofia, Tallinna ja Tartu arendusprojektis, kus ootame,
et meie bilanssi jõuaksid atraktiivsed arenduskõlbulikud maatükid koos
ehitusõigusega 2017. aasta esimesel poolaastal ning välja arendatud tooted
lõpptarbijale (korterid või eramukrundid) 2018. aastal. Eesmärk on endiselt
kahekordistada Arco Vara müügitulu ja kasumit (vastavalt 10 ja 1 miljonilt 20
ja 2 miljonile) hiljemalt 2018. a. lõpuks.
Mis läks aga viltu? Viltuminekud on kogumina nagu väikesed augud veetünni
põhjas, mis kokku andsid ennast tunda ebameeldivalt ja nähtavalt. Müügitulu
oli oodatust väiksem ning teatud kulutused oodatust suuremad. Tavaliselt on
meil vaja kontsernina saavutada minimaalselt 2 miljoni eurone kvartalitulu, et
kulud tuludega katta.
Esiteks ebaõnnestus meil Madrid Blvd kontoripindadele uute rentnike kaasamine
Sofias, kus meil on seniajani 4 100 m2 vaba pinda. Tulemusena jäi meil saamata
märkimisväärne tulu. Enda poolt oleme reageerinud rendihindade alandamisega,
kuna eelistame madalama rendituluga ja hõivatud maja kõrgete rendihindadega
tühjale majale. Samuti jälgime lähedalasuva metroopeatuse „Theater“ ehitust,
mis peaks valmima 2018. Aastal. See parandab oluliselt meie Madrid Blvd
klientide ühendust muu metropoliga.
Teiseks, meie maakler- ja hindamisüksused Eestis, Lätis ja Bulgaarias ei ole
seniajani kasumit teeninud, kui neil pole olnud tööd Arco enda poolt pakutavate
arendusprojektidega. Lahenduseks on mõtteviisi muutmine ning ka teatud
tööprotsesside ümberkujundamine. Kontsern on huvitatud sellistest üksustest,
mis teenivad kasumit autonoomselt. Läti Arco Real Estate SIA osaluse väljaost
Arco Varalt kohaliku juhtkonna poolt ning jätkamine oma nime all väljaspool
kontserni, millest 1. novembril teada andsime, on osa sellest lahendusest.
Eestis ja Bulgaarias jätkame muutuste elluviimist nii tööprotsessis kui ka
mõtlemises.
Kolmandaks, me müüsime oma allesjäänud laost välja oodatust vähem
arendustooteid. Kolmanda kvartali lõpus oli kogu Madridi, Manastirski (mõlemad
Sofias) ning Marsili (Riias) laojäägi väärtus umbes 1 miljon eurot. Oleksime
pidanud müüma rohkem kui 600 tuhande euro eest – kuigi teisest küljest,
allesjäänud laoseisu müümiseks on meil aega veel mitu kvartalit ning midagi uut
sinna enne 2017. aasta kolmandat kvartalit ei lisandu.
Ning lõpetuseks, kolmandas kvartalis kandsime teatud ühekordseid turundus- ja
üldkulusid, mida juhatus luges vältimatuks. Vaadates nii Tallinnas kui Sofias
tihenevat konkurentsi, oli Arco toodetele aja ja ruumi juurdevõitmiseks vaja
veidi trügida.
Eelnenut kokku võttes jätkame oma valitud kursil, mille käigus järgmise kolme
kvartali tulemused on väherõõmustavad. 2017. aasta kolmanda ja sellele
järgnevate järgmiste kvartalite tulemusi loome aga juba praegu ning need
paistavad head. Rahavood kuni 2017. aasta teise poolaastani on pingelised ning
võimalik on kontserni maapangast teatud tükkide müük või täiendav võla
emiteerimine. Samas on meil lisaks olemasoleva töö kannatlikule jätkamisele
soov üles näidata ka kannatamatust ja proovida midagi ära teha enne 2017. aasta
kolmandat kvartalit. Need kaks asja on Madrid Blvd hoonesse uute rentnike
saamine ning Eestis ja Bulgaarias maakler- ja hindamisteenuste tulude
tõstmine.
TEENINDUSDIVISJON
Kontserni teenindusdivisjoni müügituluks kujunes 2016. aasta III kvartalis 806
tuhat eurot (2015. aasta III kvartal: 852 tuhat eurot), sealhulgas
kontsernisisene müügitulu oli 76 tuhat eurot (2015. aasta III kvartal: 107
tuhat eurot). Üheksa kuu võrdluses on 2016. aastal teeninduse müügitulu langus
1,5%: 2016. aasta 9 kuuga 2 404 tuhat eurot võrreldes 2015. aasta 9 kuu 2 440
tuhande euroga. Teenindusdivisjoni põhitegevuste (kinnisvara vahendus- ja
hindamisteenused) müügitulu on 2016. aasta 9 kuuga samal tasemel võrreldes
2015. aasta esimese üheksa kuuga. III kvartali võrdluses on langus 4%.
Põhiteenuste müügitulu on kasvanud Eesti ja Läti büroos ja vähenenud Bulgaaria
büroos. Bulgaaria büroo müügitulu vähenemine tuleb eelkõige kontsernisisese
müügivahenduse vähenemisest.
Kinnisvarabüroode müügikäive vahendusest ja hindamisest
9 kuud 9 kuud Muutus III kvartal III kvartal Muutus
2016 2015 % 2016 2015 %
--------------------------------------------------------------------------------
EUR
tuhandetes
Eesti 1 036 963 8% 381 355 7%
--------------------------------------------------------------------------------
Läti 694 679 2% 226 243 -7%
--------------------------------------------------------------------------------
Bulgaaria 444 538 -17% 115 158 -27%
--------------------------------------------------------------------------------
Kokku 2 174 2 180 0% 722 756 -4%
--------------------------------------------------------------------------------
2016. aasta esimesed 9 kuud töötasid Eesti ja Läti kinnisvarabürood
puhaskahjumiga, vastavalt 152 tuhat ja 18 tuhat eurot (2015. aasta 9 kuuga
saadi kahjumit vastavalt 68 tuhat ja 51 tuhat eurot). Bulgaaria büroo sai 2016.
aasta 9 kuuga 17 tuhat eurot kahjumit (2015. aasta 9 kuu Bulgaaria büroo
puhaskasum oli 137 tuhat eurot).
Teenindusdivisjon osutab lisaks vahendus- ja hindamisteenusele ka kinnisvara
haldamise ja majutusteenust Bulgaarias. Haldustegevuse müügikäive oli 2016.
aasta 9 kuuga 87 tuhat eurot, sellest 75 tuhat eurot oli kontsernisisene (9
kuud 2015: vastavalt 104 tuhat ja 77 tuhat eurot). Majutusteenuse müügitulu oli
2016. aasta 9 kuuga 104 tuhat eurot (2015. aasta 9 kuud: 105 tuhat eurot).
Teenindusdivisjonis hõivatud inimeste arv on 2016. aasta esimese üheksa kuuga
kasvanud 172-le, see on 7 inimest rohkem kui 2015. aasta lõpus. Töötajate arv
on kasvanud eelkõige Bulgaarias.
ARENDUSDIVISJON
Arendusdivisjoni müügitulu oli 2016. aasta III kvartalis 586 tuhat eurot (III
kvartal 2015: 1 374 tuhat eurot), sealhulgas kinnisvara müük kontserni enda
arendusprojektides moodustas 367 tuhat eurot (2015. aasta III kvartalis 770
tuhat eurot). 2016. aasta 9 kuuga ulatus arendusdivisjon müügitulu 6 401
tuhande euroni, mida on 143 tuhande euro võrra ehk 2,2% vähem kui 2015. aasta
esimese 9 kuuga. Kinnisvara müügitulu kontserni arendusprojektides ulatus 2016.
aasta 9 kuuga 6 043 tuhande euroni (2015. aasta 9 kuud: 5 713 tuhat eurot).
Muust arendusdivisjoni müügitulust moodustab suurema osa kaubandus- ja
kontoripindade renditulu Madrid Blvd hoonest Sofias, mis 2016. aasta III
kvartalis oli 89 tuhat eurot ja 9 kuuga 252 tuhat eurot (2015. aasta III
kvartalis 234 tuhat eurot ja 9 kuuga 708 tuhat eurot). Renditulu on eelmise
aastaga võrreldes väiksem seetõttu, et ankurrentniku leping lõppes 2015. aasta
III kvartalis ja rendipinnad renoveeriti 2015. aasta IV kvartalis. Varem ühele
rentnikule renditud pind on nüüdseks jagatud 7 väiksemaks kontoripinnaks. Uute
rentnike otsimine endisel renditulu tasemel on osutunud keeruliseks. 2016.
aasta III kvartali lõpus otsustati oluliselt alandada renditulu ootusi ning
seati eesmärgiks kõigi pindade väljarentimine hiljemalt 2017. aasta kevadeks.
Arendusdivisjoni ärikasumiks kujunes 2016. aasta üheksa kuuga 1 524 tuhat
eurot, sellest III kvartalis 33 tuhat eurot. 2015. aasta 9 kuu ärikasum oli 1
598 tuhat eurot, sellest III kvartalis 377 tuhat eurot.
Kontserni suurimas arendusprojektis, Kodulahe elamukvartalis Tallinnas, jätkati
III kvartalis 125 korteri ja 5 äripinnaga I etapi kortermaja ehitust. Augustis
täideti ehitust finantseeriva panga nõuded omafinantseeringule ja avanes
krediidilimiit kokku 8,8 miljonile eurole. Vahearuande avaldamise päevaks on
sõlmitud eelmüügilepingud kokku 59 korterile ja ühele äripinnale. Kortermaja
planeeritav valmimisaeg on 2017. aasta suvel.
Madrid Blvd kompleksis Sofias oli 30. septembri 2016 seisuga müümata veel 20
korterit. 2016. aasta III kvartalis müüdi kaks korterit. Madridi müümata
korteritest 15 teenivad kontsernile tulu majutusteenusega. Lisaks renditakse
välja ka seni müümata 105 parkimiskohta.
Manastirski Livadi projektis oli kvartali lõpus müüa veel 4 äripinda ja mõned
parkimiskohad.
Mais 2016 viis kontsern lõpule Bulgaarias ettevõtte Iztok Parkside EOOD ostu,
millega saadi oma arendusportfelli uus arendusprojekt Sofias Iztoki piirkonnas.
Septembris 2016 allkirjastati laenuleping projekti edasiste arenduskulude
täiemahuliseks finantseerimiseks summas kuni 4,9 miljonit eurot. Vahearuande
avalikustamise ajaks on jõustunud projekti kinnistu detailplaneering, alanud on
eelmüük ja välja on kuulutatud ehitushange. Plaanis on ehitada kolm kortermaja
kokku 68 korteriga (korterite müüdav pind 7 070 m2), mis peaksid valmima 2017.
aasta lõpuks.
Lätis müüdi III kvartalis kaks Marsili elamukrunti. Projektis on 30.09.2016
seisuga müümata veel 10 krunti.
30.09.2016 seisuga töötas arendusdivisjonis kokku 5 inimest, sama palju kui
2015. aasta lõpus.
ARCO VARA AKTIIVSETE PROJEKTIDE KOONDTABEL 30.09.2016
Projekti Aadress Toote Projek Kinnist Kogu Ühikute arv
nimi peamine ti u müüdav/renditav ülevalpool
liik etapp suurus pind ülevalpool maapinda
m2 maapinda
--------------------------------------------------------------------------------
Manastir Manastirski korterid S5 - 372 4
ski D , Sofia
--------------------------------------------------------------------------------
Madrid Madrid Rent: S5/S6 - 7 350 21
Blvd Blvd, kaubandu
Sofia s/kontor
--------------------------------------------------------------------------------
Madrid Madrid korterid S5/S6 - 2 060 20
Blvd Blvd,
Sofia
--------------------------------------------------------------------------------
Iztok Iztok, korterid S3 2 470 7 070 68
Parksid Sofia
e
--------------------------------------------------------------------------------
Marsili Marsili, elamukrun S5 - 18 047 10
elamukr Riia did
undid lähedal
--------------------------------------------------------------------------------
Marsili Marsili, elamukrun S2 120 220 <120 220> <68>
elamukr Riia did
undid lähedal
--------------------------------------------------------------------------------
Kodulahe Lahepea tn Korterid S3 6 102 8 732 130
I etapp 7, Tallinn
--------------------------------------------------------------------------------
Kodulahe Lahepea, Korterid S2 22 396 <13 300> <200>
II-V Soodi,
etapp Pagi tn,
Tallinn
--------------------------------------------------------------------------------
Lehiku Lehiku Korterid S2 5 915 <1 100> <5>
vaipela 21,23
mu Tallinn
--------------------------------------------------------------------------------
Liimi Liimi 1b, Rent: S2 2 463 <6 500> 1
Tallinn kontor
--------------------------------------------------------------------------------
Märkus: Tabelis toodud väärtused mis on paigutatud märkide <> vahele,
tähistavad oodatavat mahtu, sest arendusprojekt on alles S1 või S2 etapis ja
tegelikku ehitusõigust või ehitusprojekti pole veel. Tabel ei kajasta
maa-aluseid müüdavaid või renditavaid mahte, sealhulgas parkimiskohti ja
panipaiku. Tabel ei anna täielikku ülevaadet kontserni maapangast.
Projekti etappide kirjeldus
S1: Kinnistu soetatud
S2: Ehitusõiguse menetlus
S3: Projekteerimine jm ettevalmistustööd
S4: Ehitus
S5: Turundus ja müük
S6: Kinnisvara haldus, rent
PERSONAL
Kontserni heaks töötavate inimeste arv oli 30.09.2016 seisuga 185 (31.12.2015
seisuga: 178). 2016. aasta 9 kuu tööjõukulu oli 2,1 miljonit eurot (2015. aasta
9 kuud: 1,9 miljonit eurot).
Kontserni emaettevõtte juhatajale ja nõukogu liikmetele arvestatud tasud koos
sotsiaalmaksuga moodustasid 2016. aasta 9 kuuga 82 tuhat eurot (2015. aasta 9
kuud: 83 tuhat eurot).
JUHATUS JA NÕUKOGU
Arco Vara AS-i juhatus on üheliikmeline. Alates 22.10.2012 on Arco Vara AS-i
juhataja Tarmo Sild. Septembris 2015 toimunud nõukogu koosolekul pikendati
juhataja volitusi kolme aasta võrra, oktoobrini 2018.
Arco Vara AS-i nõukogu on 5-liikmeline. Alates 10. veebruarist 2015 kuuluvad
nõukogusse Hillar-Peeter Luitsalu (nõukogu esimees), Allar Niinepuu, Rain
Lõhmus, Steven Yaroslav Gorelik ja Kert Keskpaik. Arco Vara võtmeisikute kohta
on rohkem infot ettevõtte veebilehel www.arcorealestate.com.
PEAMISTE RISKIDE KIRJELDUS
Strateegiline risk
Enamus kontserni omakapitalist on paigutatud arendustegevusse. Arendustegevuses
on kontsern keskendunud peamiselt elukondliku kinnisvara arendusele.
Elukondliku kinnisvara arendustsükkel alates algusest (maa soetamine) kuni
lõpuni (lõpptoodete müük tarbijani) kestab aastaid, hõlmates
planeerimismenetlust, projekteerimist, ehitust ja müüki. Omakapital
investeeritakse valdavalt tsükli algusetapis (maa soetamine) eeldusel, et
teatud liiki arendustoote järele tekib tulevikus nõudlus. Kuivõrd arendustoote
nõudlus põhineb valdavalt prognoosidel, siis on kontserni põhiriskiks
omakapitali paigutamine sellisesse arendusprojekti, mille järele tulevikus
nõudlus puudub või on oodatust erinev.
Riski maandamiseks kontsern (i) paigutab omakapitali erinevatesse
arendusprojektidesse ning erinevatel turgudel (2016: Tallinn ja Sofia), (ii)
monitoorib jooksvat nõudlust ja pakkumist oma koduturgudel ning (iii) kasutab
võimalusi investeeringu tegemise hetke ja nõudluse tekkimise hetke
lähendamiseks - sõlmib ostjatega eellepinguid, hangib maad omakapitali
paigutamiseta või seda edasi lükates, kasutab erinevaid projekti
finantseerimise võimalusi selleks omakapitali kasutamata.
Krediidirisk
Kontserni krediidiriskid tulenevad peamiselt kahest allikast: kinnisvara
arendustegevusest ning deposiitide hoidmiseks kasutatavate pankade
usaldusväärsusest. Kuna paljude kinnisvaratehingute puhul toimub tehingu
vastaspoole finantseerimine läbi krediidiasutuste, tehakse tehingupartneri
riski maandamiseks koostööd ka erinevate tehinguid finantseerivate pankadega.
Samuti ei hoita raha ja raha ekvivalente ainult ühes pangas. Eelnevast
tulenevalt hindab kontsern krediidiriski enda jaoks olulises osas maandatuks.
Likviidsus- ja intressirisk
Kõik kontserni laenulepingud on sõlmitud eurodes ja baasintressiks on 3 või 6
kuu EURIBOR. Seega on kontsern avatud rahvusvahelistel kapitaliturgudel
toimuvale. Pikaajaline intressirisk on tuletisinstrumentidega maandamata.
30.09.2016 on kontsernil intressikandvaid kohustusi summas 12,7 miljonit eurot
(2016. aasta 9 kuuga vähenenud 0,1 miljonit eurot), millest 1,2 miljonit eurot
kuulub tasumisele lähima 12 kuu jooksul. Samas on kontserni raha ja raha
ekvivalentide saldo 30.09.2016 seisuga 0,4 miljonit eurot (31.12.2015 seisuga:
0,7 miljonit eurot). 2016. aasta 9 kuuga tasuti intressikandvatelt kohustustelt
0,6 miljonit eurot intresse (2015. aasta 9 kuuga 0,6 miljonit eurot). Kontserni
laenude kaalutud keskmine intressimäär on 30.09.2016 seisuga 6,1%, see näitaja
on suurenenud 1,1 protsendipunkti võrra võrreldes 2015. aasta lõpu seisuga.
Laenukohutuste kaalutud keskmise intressimäära suurenemise põhjuseks on
keskmisest kõrgema intressimääraga võlakohustuste võtmine 2016. aastal.
Valuutarisk
Teenuste ostu- ja müügilepingud on enamasti sõlmitud kohalikes valuutades:
eurodes (EUR) või Bulgaaria levides (BGN). Kinnisvara ostu-müügi tehingud
sõlmitakse valdavas osas eurodes, millest tulenevalt kontserni varade ja
kohustuste struktuur ei kanna endas olulist valuutariski. Kontsern ei ole
kaitstud valuutade devalveerimise vastu. Enamus likviidsetest vahenditest
hoitakse nõudmiseni ja lühiajalise tähtajaga eurohoiustel.
Aktsia ja aktsionärid
Arco Vara AS-il on emiteeritud kokku 6 117 012 lihtaktsiat nominaalväärtusega
0,7 eurot aktsia kohta. Arco Vara aktsiad on vabalt kaubeldavad NASDAQ Tallinna
börsil. Aktsia hind sulgus 30.09.2016 seisuga tasemel 1,07 eurot, olles
langenud 2016. aasta 9 kuuga 7% võrra (aktsia sulgemishind 2015. aasta lõpus
oli 1,15 eurot). Perioodi jooksul oli aktsia kõrgeim tehinguhind 1,15 eurot ja
madalaim hind 1,01 eurot. Aktsiate turukapitalisatsioon oli 30.09.2016 seisuga
6 545 tuhat eurot, aktsia P/E suhe 104 ning P/B suhe 0,66 (31.12.2015 seisuga
vastavalt: 7 035 tuhat eurot, 15,8 ning 0,73).
Aktsionäride struktuur
Arco Varal oli 30.09.2016 seisuga kokku 1 519 aktsionäri (31.12.2015 seisuga: 1
600), sealhulgas 1 317 eraisikust aktsionäri (31.12.2015 seisuga: 1 381), kes
omasid kokku 13,2% osalust ettevõttes (31.12.2015 seisuga 12,7%).
Suuremad osanikud 30.09.2016 seisuga Aktsiate arv Osalus %
Nordea Bank Finland PLC klient 862 820 14,1%
AS Lõhmus Holdings 602 378 9,8%
Gamma Holding Investment OÜ 553 975 9,1%
Alarmo Kapital OÜ 500 188 8,2%
LHV Pensionifond L 389 765 6,4%
Firebird Republics Fund Ltd 356 428 5,8%
HM Investeeringud OÜ 330 505 5,4%
Firebird Avrora Fund Ltd 185 800 3,0%
LHV Pensionifond XL 173 583 2,8%
AS LHV Pank 158 526 2,6%
Teised aktsionärid 2 003 044 32,7%
------------------------------------------------------------
Kokku 6 117 012 100,0%
Juhatuse ja nõukogu liikmete Ametikoht Aktsiate Osalus
aktsiapositsioonid seisuga 30.09.2016 arv e %
Rain Lõhmus (AS Lõhmus Holdings) Nõukogu liige 602 378 9,8%
Tarmo Sild ja Allar Niinepuu (Alarmo Juhatuse 500 188 8,2%
Kapital OÜ) liige/nõukogu
liige
Hillar-Peeter Luitsalu (HM Nõukogu esimees 369 259 6,0%
Investeeringud OÜ, lähikondsed)
Kert Keskpaik (eraisikuna ja läbi K Vara Nõukogu liige 202 171 3,3%
OÜ)
Steven Yaroslav Gorelik ¹ Nõukogu liige 0 0,0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Kokku 1 673 996 27,4%
¹ - Steven Yaroslav Gorelik on fondijuhina seotud Arco Vara osalust omava kolme
investeerimisfondiga (Firebird Republics Fund Ltd, Firebird Avrora Fund Ltd ja
Firebird Fund L.P), mis kokku omavad 692 750 Arco Vara aktsiat (kokku 11,3%
osalus).
Konsolideeritud raamatupidamise vahearuanne
Konsolideeritud koondkasumiaruanne
Lisa 9 kuud 9 kuud III III kvartal
2016 2015 kvartal 2015
2016
--------------------------------------------------------------------------------
EUR tuhandetes
---------- ------------
Jätkuvad tegevusvaldkonnad
--------------------------------------------------------------------------------
Müügitulu enda kinnisvara 6 043 5 713 461 1 097
müügist
--------------------------------------------------------------------------------
Müügitulu teenuste müügist 2 395 2 842 826 1 001
--------------------------------------------------------------------------------
Müügitulu kokku 2,3 8 438 8 555 1 287 2 098
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müüdud kinnisvara ja teenuste 4 -5 554 -5 433 -862 -1 264
kulu
--------------------------------------------------------------------------------
Brutokasum 2 884 3 122 425 834
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muud äritulud 35 70 7 47
--------------------------------------------------------------------------------
Turustuskulud 5 -418 -359 -138 -125
--------------------------------------------------------------------------------
Üldhalduskulud 6 -1 519 -1 373 -498 -428
--------------------------------------------------------------------------------
Muud ärikulud -29 -32 -11 -6
--------------------------------------------------------------------------------
Kasum tütarettevõtte müügist 1 0 0 0
--------------------------------------------------------------------------------
Ärikasum 954 1 428 -215 322
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud- ja kulud 7 -459 -538 -163 -150
--------------------------------------------------------------------------------
Puhaskasum jätkuvatest 495 890 -378 172
tegevusvaldkondadest
------------------------------------ ---------- ------------
---------- ------------
------------------------------------ ---------- ------------
---------- ------------
Lõpetatud tegevusvaldkond
------------------------------------ ---------- ------------
---------- ------------
Kahjum lõpetatud 0 -13 0 0
tegevusvaldkonnast
------------------------------------ ---------- ------------
---------- ------------
------------------------------------ ---------- ------------
Aruandeperioodi puhaskasum 495 877 -378 172
--------------------------------------------------------------------------------
Emaettevõtte omanike osa 500 892 -378 173
puhaskasumis
---------- ------------
Mitte-kontrolliva osaluse osa -5 -15 0 -1
puhaskasumis
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aruandeperioodi koondkasum 495 877 -378 172
--------------------------------------------------------------------------------
Emaettevõtte omanike osa 500 892 -378 173
koondkasumis
---------- ------------
Mitte-kontrolliva osaluse osa -5 -15 0 -1
koondkasumis
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsia puhaskasum 8
---------- ------------
- tava 0,08 0,15 -0,06 0,03
--------------------------------------------------------------------------------
- lahustatud 0,07 0,14 -0,05 0,03
--------------------------------------------------------------------------------
Konsolideeritud finantsseisundi aruanne
Lisa 30.09.2016 31.12.2015
----------------------------------------------------------------------
EUR tuhandetes
------------
Raha ja raha ekvivalendid 414 745
----------------------------------------------------------------------
Nõuded ja ettemaksed 9 616 679
----------------------------------------------------------------------
Varud 10 15 525 12 818
----------------------------------------------------------------------
Käibevara kokku 16 555 14 242
----------------------------------------------------------------------
----------------------------------------------------------------------
Nõuded ja ettemaksed 9 11 0
----------------------------------------------------------------------
Kinnisvarainvesteeringud 11 9 360 9 513
----------------------------------------------------------------------
Materiaalne põhivara 466 489
----------------------------------------------------------------------
Immateriaalne põhivara 248 229
----------------------------------------------------------------------
Põhivara kokku 10 085 10 231
----------------------------------------------------------------------
VARAD KOKKU 26 640 24 473
----------------------------------------------------------------------
----------------------------------------------------------------------
Laenukohustused 12 1 164 2 345
----------------------------------------------------------------------
Võlad ja saadud ettemaksed 13 3 903 1 935
----------------------------------------------------------------------
Eraldised 81 146
----------------------------------------------------------------------
Lühiajalised kohustused kokku 5 148 4 426
----------------------------------------------------------------------
----------------------------------------------------------------------
Laenukohustused 12 11 505 10 417
----------------------------------------------------------------------
Pikaajalised kohustused kokku 11 505 10 417
----------------------------------------------------------------------
KOHUSTUSED KOKKU 16 653 14 843
----------------------------------------------------------------------
----------------------------------------------------------------------
Aktsiakapital 4 282 4 282
----------------------------------------------------------------------
Ülekurss 292 292
----------------------------------------------------------------------
Kohustuslik reservkapital 2 011 2 011
----------------------------------------------------------------------
Muud reservid 8 298 298
----------------------------------------------------------------------
Jaotamata kasum 3 095 2 656
----------------------------------------------------------------------
Emaettevõtte omanikele kuuluv omakapital 9 978 9 539
----------------------------------------------------------------------
Mittekontrolliv osalus 9 91
----------------------------------------------------------------------
OMAKAPITAL KOKKU 9 987 9 630
----------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 26 640 24 473
----------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne
Lisa 9 kuud 9 kuud III kvartal III kvartal
2016 2015 2016 2015
--------------------------------------------------------------------------------
EUR tuhandetes
---------- -------------
Laekumised klientidelt 12 282 10 945 2 647 2 250
--------------------------------------------------------------------------------
Tasumised tarnijatele -7 133 -4 766 -2 948 -1 808
--------------------------------------------------------------------------------
Maksude tasumine ja -1 627 -2 305 -478 -270
maksutagastused (neto)
--------------------------------------------------------------------------------
Väljamaksed töötajatele -894 -766 -258 -227
--------------------------------------------------------------------------------
Muud tasumised ja laekumised -73 24 -11 -9
äritegevusest
--------------------------------------------------------------------------------
RAHAVOOD ÄRITEGEVUSEST KOKKU 2 555 3 132 -1 048 -64
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tasumised materiaalse ja -81 -137 -7 -38
immateriaalse põhivara soetamisel
--------------------------------------------------------------------------------
Laekumine tütarettevõtte 1 0 0 0
müügist
--------------------------------------------------------------------------------
Tasumised tütarettevõtte -1 890 0 -1 050 0
soetamisel
--------------------------------------------------------------------------------
Saadud intressid 0 4 0 1
--------------------------------------------------------------------------------
Muud tasumised -3 0 0 0
investeerimistegevusest
--------------------------------------------------------------------------------
RAHAVOOD INVESTEERIMISTEGEVUSEST -1 973 -133 -1 057 -37
KOKKU
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Saadud laenud 12 3 285 1 385 2 214 515
--------------------------------------------------------------------------------
Laenukohustuste tagasimaksed 12 -3 378 -4 109 -380 -144
--------------------------------------------------------------------------------
Makstud intressid -621 -588 -230 -113
--------------------------------------------------------------------------------
Makstud dividendid -61 -61 0 0
--------------------------------------------------------------------------------
Muud tasumised -138 -82 -10 0
finantseerimistegevusest
--------------------------------------------------------------------------------
RAHAVOOD FINANTSEERIMISEGEVUSEST -913 -3 455 1 594 258
KOKKU
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RAHAVOOD KOKKU -331 -456 -511 157
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid 745 1 691 925 1 078
perioodi alguses
--------------------------------------------------------------------------------
Raha ja raha ekvivalentide -331 -456 -511 157
muutus
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid 414 1 235 414 1 235
perioodi lõpus
--------------------------------------------------------------------------------
Konsolideeritud omakapitali muutuse aruanne
------------
Emaettevõtte omanikele kuuluv omakapital Mitte-kon Omakap
trolliv ital
osalus kokku
--------------------------------------------------------------------
Aktsia Ülekur Kohustusl Muud Jaotam Kokku
-kapit ss ik reserv ata
al reservkap id kasum
ital
--------------------------------------------------------------
EUR
tuhandetes
-------
Saldo 4 282 292 2 011 179 2 250 9 014 36 9 050
31.12.2014
--------------------------------------------------------------------------------
Kasumi 0 0 0 0 -61 -61 0 -61
jaotamine
--------------------------------------------------------------------------------
Muutus 0 0 0 0 0 0 77 77
mitte-kont
rollivas
osaluses
--------------------------------------------------------------------------------
Aruandeperi 0 0 0 0 892 892 -15 877
oodi
koondkasum
--------------------------------------------------------------------------------
Saldo 4 282 292 2 011 179 3 081 9 845 98 9 943
30.09.2015
--------------------------------------------------------------------------------
-------
Saldo 4 282 292 2 011 298 2 656 9 539 91 9 630
31.12.2015
--------------------------------------------------------------------------------
Kasumi 0 0 0 0 -61 -61 0 -61
jaotamine
--------------------------------------------------------------------------------
Muutus 0 0 0 0 0 0 -77 -77
mitte-kont
rollivas
osaluses
--------------------------------------------------------------------------------
Aruandeperi 0 0 0 0 500 500 -5 495
oodi
koondkasum
--------------------------------------------------------------------------------
Saldo 4 282 292 2 011 298 3 095 9 978 9 9 987
30.09.2016
--------------------------------------------------------------------------------
Kontaktinfo:
Kristel Tumm
Finantsjuht
Arco Vara AS
Tel: +372 614 4662
[email protected]
www.arcorealestate.com
Content of announcement in English
Title
Arco Vara AS unaudited consolidated interim report for the third quarter and 9 months 2016
Message
General information
Arco Vara AS and other entities of Arco Vara group (hereafter together ‘the
group’) are engaged in real estate development and services related to real
estate. The group considers Estonia, Latvia and Bulgaria as its home markets.
The group has two business lines: Service division and Development division.
The Service division is engaged in real estate brokerage, valuation, management
and consulting as well as in short-term investment in residential real estate.
The Service division offers to the group additional value by generating
analytical data on market demand and supply, and behaviour of potential
clients. Analytical data allows to make better decisions on real estate
development: purchase of land plots, planning and designing, pricing end
products, timing the start of construction.
The Development division develops complete living environments and commercial
real estate. Fully developed housing solutions are sold to the end-consumer. In
some cases the group also develops commercial properties until they start to
generate cash flow for two possible purposes: for the support of the group’s
cash flows or for resale. The group is currently holding completed commercial
properties that generate rental income.
As of 30 September 2016, the group consisted of 23 companies, which is two less
than at the end of year 2015. On 19 February 2016, the group’s subsidiary
Fineprojekti OÜ was erased from Estonian Commercial Register, the liquidation
process was started in 2014. The liquidation also resulted in derecognition of
Romanian subsidiary Arco Capital Real Estate SRL from the group’s structure. In
Q1 2016, the group’s interest in Bulgarian real estate fund Arco Real Estate
Fund REIT was increased from 70% to 100% and the share capital of the fund was
additionally increased by 77 thousand euros. In April 2016, the group sold its
100% subsidiary Arco BB EOOD in Bulgaria and in May 2016 the group purchased
100% subsidiary Iztok Parkside EOOD in Bulgaria. None of these transactions had
significant impact on the group’s net assets.
Significant subsidiaries
Company name Locati Segment Share capital Equity The group's
on (nominal value) balance interest
at 30 Sept
2016
--------------------------------------------------------------------------------
In thousands of
euros
--------------------------------------------------------------------------------
Arco Manastirski Bulgar Develop 2,676 4,091 100%
EOOD ia ment
--------------------------------------------------------------------------------
Arco Invest EOOD Bulgar Develop 26,826 -501 100%
ia ment
--------------------------------------------------------------------------------
Iztok Parkside Bulgar Develop 1,433 1,234 100%
EOOD ia ment
--------------------------------------------------------------------------------
Arco Real Estate Bulgar Develop 332 298 100%
Fund REIT ¹ ia ment
--------------------------------------------------------------------------------
Kodulahe OÜ Estoni Develop 3 -265 100%
a ment
--------------------------------------------------------------------------------
Kerberon OÜ Estoni Develop 5 1,259 100%
a ment
--------------------------------------------------------------------------------
Marsili II SIA Latvia Develop 1,524 954 100%
ment
--------------------------------------------------------------------------------
Arco Real Estate Estoni Service 42 -1,058 100%
AS a
--------------------------------------------------------------------------------
Arco Real Estate Latvia Service 1,905 31 70.6%
SIA ¹
--------------------------------------------------------------------------------
Arco Imoti EOOD Bulgar Service 444 174 100%
ia
--------------------------------------------------------------------------------
¹ - Non-controlling interest in Arco Real Estate SIA equals to the group’s
total non-controlling interest
Key Performance Indicators
· In Q3 2016, the group’s revenue was 1.3 million euros,
which is 39% less compared to the revenue of 2.1 million euros in Q3 2015.
Revenue of Development division amounted to 0.6 million euros in Q3, decreasing
by 57% compared to Q3 2015. The revenue of Service division amounted to 0.8
million euros in Q3 2016, decreasing by 5.4% compared to Q3 2015. The group’s
revenue of 8.4 million euros for the 9 months 2016 decreased by 1.4% compared
to the same period of year 2015. The revenue of Development division decreased
by 2.2% to 6.4 million euros for 9 months 2016 and the revenue of Service
division amounted to 2.4 million euros in 9 months 2016, decreasing by 1.5%
compared to 9 months 2015.
· In Q3 2016, the group’s operating loss (=EBIT) was 0.2
million euros and net loss 0.4 million euros. In Q3 2015, 0.3 million euros of
operating profit and 0.2 million euros of net profit were earned. In 9 months
2016, the group’s operating profit (=EBIT) was 1.0 million euros and net profit
was 0.5 million euros (in 9 months 2015: 1.4 million euros and 0.9 million
euros, respectively). The group’s operating profit comes from Development
division, amounting to 1.5 million euros for 9 months 2016 (in 9 months 2015:
1.6 million euros). The operating profit of Service division was practically at
zero level in the first 9 months of both 2016 and 2015.
· As of 30 September 2016, the group’s debt burden has
remained practically on the same level compared to the year-end 2015. Net loans
have increased by 0.3 million euros in first 9 months 2016 up to the level of
12.3 million euros as of 30 September 2016. Total loans and borrowings amounted
to 12.7 million euros on 30 September 2016, decreasing by 0.1 million euros
during last 9 months. As of 30 September 2016, the weighted average annual
interest rate of loans was 6.1%. This is an increase of 1.1 percentage points
compared to 31 December 2015.
· In Q3 2016, 2 apartments and 2 land plots were sold in
projects developed in the group (in Q3 2015, 12 apartments, one commercial
space and one land plot were sold). In 9 months 2016, 75 apartments, 5
commercial spaces and 6 land plots have been sold (in 9 months 2015: 73
apartments, 6 commercial spaces and one land plot).
9 months 2016 9 months Q3 2016 Q3 2015
2015
--------------------------------------------------------------------------------
In millions of euros
--------------------------------------------------------------------------------
Revenue
--------------------------------------------------------------------------------
Development 6.4 6.5 0.6 1.4
--------------------------------------------------------------------------------
Service 2.4 2.4 0.8 0.9
--------------------------------------------------------------------------------
Eliminations -0.4 -0.4 -0.1 -0.1
--------------------------------------------------------------------------------
Total revenue 8.4 8.5 1.3 2.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit (EBIT)
--------------------------------------------------------------------------------
Development 1.5 1.6 0.0 0.4
--------------------------------------------------------------------------------
Service -0.1 0.1 0.0 0.0
--------------------------------------------------------------------------------
Unallocated income and expenses -0.5 -0.4 -0.2 0.0
--------------------------------------------------------------------------------
Eliminations 0.1 0.1 0.0 0.0
--------------------------------------------------------------------------------
Total operating profit/loss 1.0 1.4 -0.2 0.4
(EBIT)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income and expense -0.5 -0.5 -0.2 -0.2
--------------------------------------------------------------------------------
Net profit/loss 0.5 0.9 -0.4 0.2
--------------------------------------------------------------------------------
Key ratios
--------------------------------------------------------------------------------
EPS (in euros) 0.08 0.15 -0.06 0.03
--------------------------------------------------------------------------------
Diluted EPS (in euros) 0.07 0.14 -0.05 0.03
--------------------------------------------------------------------------------
ROIC (rolling, four quarters) 0.3% 5.6%
--------------------------------------------------------------------------------
ROE (rolling, four quarters) 0.6% 13.9%
---------------------------------- -------------------------------
ROA (rolling, four quarters) 0.3% 5.1%
--------------------------------------------------------------------------------
30 Sept 2016 31 Dec 2015
----------------------------------------------------------------
In millions of euros
----------------------------------------------------------------
Total assets, at period end 26.6 24.5
----------------------------------------------------------------
Invested capital, at period end 22.7 22.4
----------------------------------------------------------------
Net loans, at period end 12.3 12.0
----------------------------------------------------------------
Equity, at period end 10.0 9.6
----------------------------------------------------------------
----------------------------------------------------------------
Current ratio 3.22 3.22
----------------------------------------------------------------
Quick ratio 0.20 0.32
----------------------------------------------------------------
Financial leverage 2.67 2.54
----------------------------------------------------------------
Average loan term (in years) 1.2 1.7
----------------------------------------------------------------
Average annual interest rate of loans 6.1% 5.0%
----------------------------------------------------------------
Number of staff, at period end 185 178
----------------------------------------------------------------
Cash flows
9 months 9 months Q3 Q3
2016 2015 2016 2015
--------------------------------------------------------------------------------
In millions of euros
--------------------------------------------------------------------------------
Cash flows from/used in operating 2.6 3.1 -1.0 -0.1
activities
--------------------------------------------------------------------------------
Cash flows from/used in investing -2.0 -0.1 -1.1 0.0
activities
--------------------------------------------------------------------------------
Cash flows from/used in financing -0.9 -3.5 1.6 0.3
activities
--------------------------------------------------------------------------------
Net cash flows -0.3 -0.5 -0.5 -0.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at beginning 0.7 1.7 0.9 1.0
of period
--------------------------------------------------------------------------------
Cash and cash equivalents at end of 0.4 1.2 0.4 1.2
period
--------------------------------------------------------------------------------
Revenue and net profit/loss from continuing operations
Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4
Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Total
2013 2013 2013 2013 2013 2014 2014 2014 2014
2014 2015 2015 2015 2015 2015 2016 2016 2016 9M
2016
--------------------------------------------------------------------------------
------------------------------------------------------------------------------
In
milli
ons of
euros
--------------------------------------------------------------------------------
------------------------------------------------------------------------------
Revenu 1.7 3.5 3.5 2.0 10.7 1.1 1.1 1.2 5.8
9.2 4.4 2.1 2.1 2.1 10.7 5.1 2.1 1.2 8.4
e
--------------------------------------------------------------------------------
------------------------------------------------------------------------------
Net 0.0 1.4 0.1 2.0 3.5 0.4 -0.3 0.4 0.6
1.1 0.7 0.0 0.2 -0.4 0.5 1.1 -0.2 -0.4 0.5
profi
t/loss
--------------------------------------------------------------------------------
------------------------------------------------------------------------------
FORMULAS USED
Earnings per share (EPS) = net profit attributable to owners of the parent /
weighted average number of ordinary shares outstanding during the period
Diluted earnings per share (Diluted EPS) = net profit attributable to owners of
the parent / (weighted average number of ordinary shares outstanding during the
period + number of all potentially issued shares)
Invested capital = current interest-bearing liabilities + non-current
liabilities + equity (at the end of period)
Net loans = current interest-bearing liabilities + non-current liabilities –
cash and cash equivalents – short-term investments in securities (at the end of
period)
Return on invested capital (ROIC) = past four quarters’ net profit / average
invested capital
Return on equity (ROE) = past four quarters’ net profit / average equity
Return on assets (ROA) = past four quarters’ net profit / average total assets
Current ratio = current assets / current liabilities
Quick ratio = (current assets - inventory) / current liabilities
Financial leverage = total assets / equity
Number of staff at period-end = number of people working for the group under
employment or authorization (service) contracts
Group Chief Executive’s review
Arco Vara Group has been pushing simultaneously one acceleration of
restructured rental property, two constructions of residential developments,
and three internal gear-shiftings in our brokerage and valuation units in our
home markets. The push is quite different from a walk in the park, one should
rather compare it to an expedition through the desert. All the ongoing push
efforts consume money, before they start making money. As I have warned in
previous quarterly reports, our following quarters will be humble.
Nevertheless, we should be clear on two things: first, the period of push
„through the desert“ must be over in Q3 2017 when we will start delivery of
Kodulahe first stage apartments, and the Group must return to profitability
again; and second, despite my own nice explanation of what is happening, we
underperformed in Q3. The net loss of 0.4 million euros was more than we
ourselves expected.
We performed quite well with activities that are not yet visible in the balance
sheet and income statement. That means, Kodulahe construction proceeded
according to the schedule and current presales met our expectations. We intend
to sell out 1st stage (more than 8,700 sqm GSA, 16 million euros expected
revenue) by the end of 2017 and must start preparations for the 2nd stage soon.
Iztok Parkside land acquisition and the detail plan process has also been
completed as at the date of this report and we will proceed with a construction
tender, with a view to start construction this year. In Q4, we also started
presale of Iztok. Finally, we have made progress with several smaller
development projects in Tallinn and Tartu, where we expect to have in our
balance sheet sellable development products (attractive land with building
rights) in the first half of 2017 or finalized consumer products (apartments or
residential plots) in 2018. Our aim is still to double the revenue and net
profit of Arco Vara (from 10 and 1 million to 20 and 2 millions, respectively)
by the end of 2018.
Areas where we did not perform well look like a bottom of a water bucket, with
small holes in it. The revenue was smaller than expected and certain expenses
bigger than expected. Normally, we need to sell for 2 million euros of goods
and services in order to break even as a group.
First, we failed to sign in new tenants into Madrid Blvd offices in Sofia,
where we still have 4,100 sqm vacancy, and missed significant rental income as
a result. As a reaction, we have adjusted the ask prices, as we prefer a busy
house with lower rents to a not so busy house with high rents. We are also
watching the construction progress of the nearby ‘Theater’ metro station, due
in 2018, and expect it to improve the Madrid Blvd connectivity to the rest of
the metropolis.
Second, our brokerage and valuation units in Estonia, Latvia and Bulgaria have
not been making profit so far, without having work from Arco’s own development
projects. The solution here is to change the way of thinking and redesign
certain work processes, as the group is interested in autonomously
profit-making units. Management buy-out of Latvian Arco Real Estate SIA,
announced on 1 November, is part of that solution, as we could not agree on
change. In Bulgaria and Estonia, we will continue with internal changes in work
process and thinking.
Third, we sold less than expected from our own remaining stock of development
products. The remaining stock in Madrid Blvd and Manastirski (both in Sofia),
and Marsili (Riga) was worth approximately 1 million euros at the end of Q3. We
should have sold for more than 600 thousand euros. On the other hand, the thin
stock will be sold out in any case in the coming quarters, and there will be no
additions to the stock before Q3 2017.
And finally, in Q3, we took some one-off marketing and administrative expenses
which the management considered unavoidable, looking at the tightening
competition both in Tallinn and in Sofia and then making forcefully space for
Arco’s 2017-2018 products.
So all in all, we will continue on the selected course, and financial
performance of the following three quarters will not look attractive until Q3
2017 and thereafter – the results of which are being written now and these look
good. Until second half of 2017, the cash flows will be tense and some sales
from the landbank, or debt issues, are possible. Then again, there is a lot we
can pursue even before Q3 2017 and two of those things are getting in new
tenants into Madrid Blvd and increasing our brokerage and valuation revenue in
Estonia and Bulgaria.
SERVICE DIVISION
In Q3 2016, revenue of the group’s service division was 806 thousand euros (in
Q3 2015: 852 thousand euros), which included intra-group revenue of 76 thousand
euros (in Q3 2015: 107 thousand euros). Service division revenue decreased by
1.5% in 2016 if 9 months periods were compared: 2,404 thousand euros in 9
months 2016 and 2,440 thousand euros in 9 months 2015. In 9 months 2016,
revenue of service division from main services (real estate brokerage and
valuation services) remained at the same level of the 9 months period of 2015
and dropped by 4% if third quarters are compared. Revenue from main services
has increased in Estonian and Latvian brokerage agency and decreased in
Bulgarian agency. The drop in the revenue of Bulgarian agency can be attributed
to the decreased income from mediating the sales of the group’s own properties.
Revenue of real estate agencies from brokerage and valuation
9 months 9 months Change, Q3 2016 Q3 2015 Change,
2016 2015 % %
--------------------------------------------------------------------------------
In thousands of
euros
Estonia 1,036 963 8% 381 355 7%
--------------------------------------------------------------------------------
Latvia 694 679 2% 226 243 -7%
--------------------------------------------------------------------------------
Bulgaria 444 538 -17% 115 158 -27%
--------------------------------------------------------------------------------
Total 2,174 2,180 0% 722 756 -4%
--------------------------------------------------------------------------------
In 9 months 2016, Estonian and Latvian agencies have operated at a loss: 152
thousand euros and 18 thousand euros respectively (in 9 months 2015, losses of
68 thousand euros and 51 thousand euros respectively). Bulgarian agency had net
loss of 17 thousand euros in 9 months 2016, but earned net profit of 137
thousand euros in 9 months 2015.
In addition to brokerage and valuation services, the service division also
provides real estate management services and accommodation service in Bulgaria.
The revenue from real estate management was 87 thousand euros in 9 months 2016,
75 thousand euros of which was intra-group revenue (in 9 months 2015: 104
thousand and 77 thousand euros, respectively). Revenue from accommodation
services amounted to 104 thousand euros in 9 months 2016 (in 9 months 2015: 105
thousand euros).
The number of staff in service division increased to 172 employees in first
nine months of 2016, up by 7 people compared to year end 2015. The number of
staff increased mainly in Bulgaria.
DEVELOPMENT DIVISION
In Q3 2016, revenue of development division totalled 586 thousand euros (in Q3
2015: 1,374 thousand euros) including revenue of 367 thousand euros (Q3 2015:
770 thousand euros) from the sale of properties in the group’s own development
projects. In 9 months 2016, development division’s revenue amounted to 6,401
thousand euros, which is 143 thousand euros or 2.2% less compared to 9 months
2015. In 9 months 2016, the revenue from the sale of properties in the group’s
own development projects reached 6,043 thousand euros (in 9 months 2015: 5,713
thousand euros).
Most of the other revenue of development division consists of rental income
from commercial and office premises in Madrid Blvd building in Sofia, amounting
to 89 thousand euros in Q3 2016 and 252 thousand euros in 9 months 2016 (in
2015: 234 thousand euros in Q3 and 708 thousand euros in 9 months). Rental
income has decreased compared to previous year due to ending the rental
agreement with anchor tenant in Q3 2015 and the renovation works of rental area
in Q4 2015. The rental area that was previously rented out to one anchor tenant
is now divided into 7 separate areas. Finding new tenants at the same level of
rental fee has proved to be difficult. At the end of Q3 2016, a decision was
taken to decrease rental income expectations and with the aim of renting out
all rental areas by no later than the spring of 2017.
In 9 months 2016, operating profit of development division was 1,524 thousand
euros, out of which 33 thousand euros were earned in Q3 (In 9 months 2015:
1,598 thousand euros, out of which 377 thousand euros in Q3).
During Q3 2016, the construction of first stage apartment building (with 125
apartments and 5 commercial spaces) in the group’s biggest development project
Kodulahe continued in Tallinn. In August, the requirements of self-financing
set by the financing bank were fulfilled and credit limit in the total amount
of 8.8 million euros was opened. By the publishing date of the interim report,
presale agreements for 59 apartments and one commercial space have been
concluded. The construction of the apartment building should be finished by
summer 2017.
As of 30 September 2016, 20 apartments remained unsold in Madrid Blvd complex
in Sofia. In Q3 2016, 2 apartments were sold. 15 apartments, out of all Madrid
Blvd unsold apartments, are being rented out as accommodation service. Unsold
105 parking places are also rented out.
Four commercial spaces and a few parking places remained unsold in Manastirski
Livadi project.
In May 2016, the group finalized the purchase of a company Iztok Parkside EOOD.
As a result, the group’s development portfolio has gained new development
project in Iztok district in Sofia. In September 2016, bank loan agreement was
concluded to fully finance further development costs of the project in maximum
amount of 4.9 million euros. By the date of publishing the interim report,
detail plan for the project’s property has been established, presale of
apartments has started and construction tender has been announced. Three
apartment buildings with 68 apartments (7,070 square meters of apartments’
sellable area) will be built. The construction should start in Q4 2016 and
apartment buildings should be completed by the end of 2017.
In third quarter, two Marsili residential plots were sold. 10 plots remained
unsold in the project as of 30 September 2016.
As of 30 September 2016, 5 people were employed in development division, the
same number as at the end of year 2015.
SUMMARY TABLE OF ARCO VARA’S ACTIVE PROJECTS AS OF 30 SEPTEMBER 2016
Project Address Product Stage Area of GSA / GLA No of units
name main plot(s) (above grade) (above grade)
type (m2) available or available or
<future <future target>
target>
--------------------------------------------------------------------------------
Manastir Manastirski, Apartme S5 - 372 4
ski D Sofia nts
--------------------------------------------------------------------------------
Madrid Madrid Blvd, Lease: S5/S6 - 7,350 20
Blvd Sofia Retail
/Office
--------------------------------------------------------------------------------
Madrid Madrid Blvd, Apartme S5/S6 - 2,060 20
Blvd Sofia nts
--------------------------------------------------------------------------------
Iztok Iztok, Sofia Apartme S3 2,470 7,070 68
Parksid nts
e
--------------------------------------------------------------------------------
Marsili Marsili, Residen S5 - 18,047 10
residen near Riga tial
tial plots
plots
--------------------------------------------------------------------------------
Marsili Marsili, Residen S2/S5 120,220 <120,220> <68>
residen near Riga tial
tial plots
plots
--------------------------------------------------------------------------------
Kodulahe Lahepea 7, Apartme S4/S5 6,102 8,732 130
, stage Tallinn nts
1
--------------------------------------------------------------------------------
Kodulahe Lahepea, Apartme S2 22,396 <13,300> <200>
, stages Soodi, Pagi nts
2-5 streets,
Tallinn
--------------------------------------------------------------------------------
Lehiku Lehiku 21,23 Apartme S2 5,915 <1,100> <5>
carpet Tallinn nts
buildin
g
--------------------------------------------------------------------------------
Liimi Liimi 1b, Lease: S2/S5 2,463 <6,500> 1
Tallinn Office
--------------------------------------------------------------------------------
Note: Value presented inbetween < > means future target value as the project is
in early (S1, S2) development stage and the building rights or the design have
not been finished yet. The table does not reflect sellable or lettable volumes
below grade including parking spaces and storages. The table does not provide
complete overview of the group’s land bank.
Description of stages
S1: Land plot acquired
S2: Building Rights Procedure
S3: Design and Preparation Works
S4: Construction
S5: Marketing and Sale
S6: Facility Management and/or Lease
PEOPLE
As of 30 September 2016, 185 people worked for the group (178 as of 31 December
2015). Employee remuneration expenses in the first 9 months of 2016 amounted to
2.1 million euros (in 9 months 2015: 1.9 million euros).
The remuneration of the member of the management board / CEO, and the members
of the supervisory board of the group’s parent company including social
security charges amounted to 82 thousand euros in 9 months 2016 (83 thousand
euros in 9 months 2015).
MANAGEMENT BOARD AND SUPERVISORY BOARD
The management board of Arco Vara AS has one member. Since 22 October 2012, the
member of the management board and chief executive officer of Arco Vara AS has
been Tarmo Sild. The mandate of the CEO was extended by 3 years (until October
2018) by the supervisory board in September 2015.
The supervisory board of Arco Vara AS has 5 members. Since 10 February 2015,
the supervisory board consists of Hillar-Peeter Luitsalu (the chairman), Allar
Niinepuu, Rain Lõhmus, Steven Yaroslav Gorelik and Kert Keskpaik.
Additional information on key persons of Arco Vara is presented on company’s
corporate web page www.arcorealestate.com.
DESCRIPTION OF THE MAIN RISKS
Strategic risk
Most of the group’s equity is invested into real estate development. The group
is focused mainly on residential real estate development where development
cycle lasts for years, starting from the acquisition of a land plot, moving on
to detail planning, design and construction, and ending with the sale of end
products to customers. The equity is invested mainly in the early phase of the
cycle (purchase of land) on the assumption that there will be a demand for
certain products in the future. Considering that the demand for development
product is largely based on forecasts, the main risk for the group is investing
equity into a development product for which there is no or too little demand in
the future.
For mitigating the risk, the group: (i) invests equity into different
development projects in different markets (in 2016, in Sofia and Tallinn), (ii)
monitors current demand and supply in its home markets and (iii) makes efforts
to narrow the time between making initial investment and selling the final
product – by signing pre-agreements with clients, acquiring land without no or
little upfront equity investment etc.
Credit risk
The group’s credit risk arises mainly from two sources: real estate development
activities and reliability of the banks where bank deposits are placed. In real
estate transactions, much of of counterparty financing is arranged through
banks, therefore co-operation with financing banks is used to mitigate
counterparty risk. Further, not all cash and cash equivalents are held in the
same banking group. As a result, the group considers credit risk to be
substantially mitigated.
Liquidity and interest rate risks
The base currency of all of the group’s loan agreements is euro and the base
interest rate is 3 or 6 months EURIBOR. As a result, the group is exposed to
developments on international capital markets. The group does not use hedging
instruments to mitigate its long-term interest rate risk. On 30 September 2016,
the group’s interest-bearing liabilities amounted to 12.7 million euros
(decreased by 0.1 million euros during 9 months 2016), out of which only 1.2
million euros is due within next 12 months. At the same time, the group’s cash
and cash equivalents totalled 0.4 million euros as of 30 September 2016 (on 31
December 2015: 0.7 million euros). In 9 months 2016, interest payments on
interest-bearing liabilities totalled 0.6 million euros (in 9 months 2015: 0.6
million euros). The group’s weighted average loan interest rate was 6.1% as of
30 September 2016. This is an increase by 1.1 percentage points compared to the
end of year 2015. The reason for the increase is new borrowings raised in 2016,
which bear above-average interest rate.
Currency risk
Purchase and sales contracts of provided services are mostly signed in local
currencies: euros (EUR) or Bulgarian lev (BGN). Real estate sales are mostly
nominated in euros, as a result of which the group’s assets and liabilities
structure does not denote a significant currency risk. The group is not
protected against currency devaluations. liquid assets are mostly held on
demand or short-term deposits denominated in euros.
Share and shareholders
Arco Vara AS has issued a total of 6,117,012 ordinary shares with nominal value
of 0.7 euros per share. The shares are freely traded on NASDAQ Tallinn stock
exchange. The share price closed at 1.07 euros on 30 September 2016. The price
has decreased by 7% within 9 months 2016 (closing price at the end of 2015 was
1.15 euros). During the period, the highest traded price per share was 1.15
euros and lowest price 1.01 euros. As of 30 September 2016, market
capitalization of shares amounted to 6,545 thousand euros, P/E ratio of the
share was 104 and P/B ratio 0.66 (at 31 December 2015: 7,035 thousand euros,
15.8 and 0.73, respectively).
Structure of shareholders
As at 30 September 2016, Arco Vara had 1,519 shareholders (at 31 December 2015:
1,600) including 1,317 individuals as shareholders (at 31 December 2015: 1,381
individuals) who jointly owned 13.2% (at 31 December 2015: 12.7%) interest out
of all Arco Vara shares.
Major shareholders at 30 September 2016 No of shares Interest %
NORDEA BANK FINLAND PLC client 862,820 14.1%
AS Lõhmus Holdings 602,378 9.8%
Gamma Holding Investment OÜ 553,975 9.1%
Alarmo Kapital OÜ 500,188 8.2%
LHV PENSIONIFOND L 389,765 6.4%
FIREBIRD REPUBLICS FUND LTD 356,428 5.8%
HM Investeeringud OÜ 330,505 5.4%
FIREBIRD AVRORA FUND, LTD. 185,800 3.0%
LHV PENSIONIFOND XL 173,583 2.8%
AS LHV Pank 158,526 2.6%
Other shareholders 2,003,044 32.7%
-----------------------------------------------------------------
-----------------------------------------------------------------
Total 6,117,012 100.0%
Holdings of members of the management Position No of Intere
and supervisory boards (and related shares st %
persons) on 30 September 2016
Rain Lõhmus (AS Lõhmus Holdings) member of supervisory 602,378 9.8%
board
Tarmo Sild ja Allar Niinepuu (Alarmo member of management 500,188 8.2%
Kapital OÜ) board/ member of
supervisory board
Hillar-Peeter Luitsalu (HM chairman of 369,259 6.0%
Investeeringud OÜ, related persons) supervisory board
Kert Keskpaik (privately and through K member of supervisory 202,171 3.3%
Vara OÜ) board
Steven Yaroslav Gorelik ¹ member of supervisory 0 0.0%
board
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 1,673,996 27.4%
¹ - Steven Yaroslav Gorelik is active as fund manager in three investment funds
holding interest in Arco Vara (Firebird Republics Fund Ltd, Firebird Avrora
Fund Ltd and Firebird Fund L.P) of 692,750 shares (total of 11.3% interest).
Condensed consolidated interim financial statements
Consolidated statement of comprehensive income
Note 9 months 9 months Q3 Q3
2016 2015 2016 2015
--------------------------------------------------------------------------------
In thousands of euros
----------------------------------------------------- --------
Continuing operations
--------------------------------------------------------------------------------
Revenue from sale of own real 6,043 5,713 461 1,097
estate
--------------------------------------------------------------------------------
Revenue from rendering of services 2,395 2,842 826 1,001
--------------------------------------------------------------------------------
Total revenue 2, 3 8,438 8,555 1,287 2,098
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cost of sales 4 -5,554 -5,433 -862 -1,264
--------------------------------------------------------------------------------
Gross profit 2,884 3,122 425 834
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other income 35 70 7 47
--------------------------------------------------------------------------------
Marketing and distribution 5 -418 -359 -138 -125
expenses
--------------------------------------------------------------------------------
Administrative expenses 6 -1,519 -1,373 -498 -428
--------------------------------------------------------------------------------
Other expenses -29 -32 -11 -6
--------------------------------------------------------------------------------
Gain on sale of subsidiary 1 0 0 0
---------------------------------------------
Operating profit/loss 954 1,428 -215 322
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income and costs 7 -459 -538 -163 -150
--------------------------------------------------------------------------------
Net profit/loss from continuing 495 890 -378 172
operations
----------------------------------- ------------ -------
------------------ --------
----------------------------------- ------------ -------
------------------ --------
Discontinued operations
----------------------------------- ------------ -------
------------------
Profit/loss from discontinued 0 -13 0 0
operations
---------------------------
------------------
----------------------------------- ------------ -------
Net profit/loss for the period 495 877 -378 172
--------------------------------------------------------------------------------
----------------------------------------- ------------ -------
attributable to owners of the 500 892 -378 173
parent
------------ --------
attributable to non-controlling -5 -15 0 -1
interests
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income/expense 495 877 -378 172
for the period
--------------------------------------------------------------------------------
----------------------------------------- ------------ -------
attributable to owners of the 500 892 -378 173
parent
------------ --------
attributable to non-controlling -5 -15 0 -1
interests
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------ -------
Earnings per share (in euros) 8
----------------------------------------------------- --------
- basic 0.08 0.15 -0.06 0.03
--------------------------------------------------------------------------------
- diluted 0.07 0.14 -0.05 0.03
--------------------------------------------------------------------------------
Consolidated statement of financial position
Note 30 September 31 December
2016 2015
--------------------------------------------------------------------------------
In thousands of euros
-----------------
Cash and cash equivalents 414 745
--------------------------------------------------------------------------------
Receivables and prepayments 9 616 679
--------------------------------------------------------------------------------
Inventories 10 15,525 12,818
--------------------------------------------------------------------------------
Total current assets 16,555 14,242
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Receivables and prepayments 9 11 0
--------------------------------------------------------------------------------
Investment property 11 9,360 9,513
--------------------------------------------------------------------------------
Property, plant and equipment 466 489
--------------------------------------------------------------------------------
Intangible assets 248 229
--------------------------------------------------------------------------------
Total non-current assets 10,085 10,231
--------------------------------------------------------------------------------
TOTAL ASSETS 26,640 24,473
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 12 1,164 2,345
--------------------------------------------------------------------------------
Payables and deferred income 13 3,903 1,935
--------------------------------------------------------------------------------
Provisions 81 146
--------------------------------------------------------------------------------
Total current liabilities 5,148 4,426
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Loans and borrowings 12 11,505 10,417
--------------------------------------------------------------------------------
Total non-current liabilities 11,505 10,417
--------------------------------------------------------------------------------
TOTAL LIABILITIES 16,653 14,843
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 4,282 4,282
--------------------------------------------------------------------------------
Share premium 292 292
--------------------------------------------------------------------------------
Statutory capital reserve 2,011 2,011
--------------------------------------------------------------------------------
Other reserves 8 298 298
--------------------------------------------------------------------------------
Retained earnings 3,095 2,656
--------------------------------------------------------------------------------
Total equity attributable to owners of 9,978 9,539
the parent
--------------------------------------------------------------------------------
Equity attributable to non-controlling 9 91
interests
--------------------------------------------------------------------------------
TOTAL EQUITY 9,987 9,630
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 26,640 24,473
--------------------------------------------------------------------------------
Consolidated statement of cash flows
Note 9 months 9 months Q3 Q3
2016 2015 2016 2015
--------------------------------------------------------------------------------
In thousands of euros
----------- --------
Cash receipts from customers 12,282 10,945 2,647 2,250
--------------------------------------------------------------------------------
Cash paid to suppliers -7,133 -4,766 -2,948 -1,808
--------------------------------------------------------------------------------
Other taxes paid and recovered (net) -1,627 -2,305 -478 -270
--------------------------------------------------------------------------------
Cash paid to employees -894 -766 -258 -227
--------------------------------------------------------------------------------
Other cash payments and receipts related -73 24 -11 -9
to operating activities (net)
--------------------------------------------------------------------------------
NET CASH FROM/USED IN OPERATING 2,555 3,132 -1,048 -64
ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Payments made on purchase of -81 -137 -7 -38
tangible and intangible assets
--------------------------------------------------------------------------------
Proceeds from sale of a subsidiary 1 0 0 0
--------------------------------------------------------------------------------
Payments made on purchase of a -1,890 0 -1,050 0
subsidiary
--------------------------------------------------------------------------------
Interest received 0 4 0 1
--------------------------------------------------------------------------------
Other payments related to investing -3 0 0 0
activities
--------------------------------------------------------------------------------
NET CASH USED IN INVESTING -1,973 -133 -1,057 -37
ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Proceeds from loans received 12 3,285 1,385 2,214 515
--------------------------------------------------------------------------------
Settlement of loans and borrowings 12 -3,378 -4,109 -380 -144
--------------------------------------------------------------------------------
Interest paid -621 -588 -230 -113
--------------------------------------------------------------------------------
Dividends paid -61 -61 0 0
--------------------------------------------------------------------------------
Other payments related to financing -138 -82 -10 0
activities
--------------------------------------------------------------------------------
NET CASH FROM/USED IN FINANCING -913 -3,455 1,594 258
ACTIVITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET CASH FLOW -331 -456 -511 157
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at 745 1,691 925 1,078
beginning of period
--------------------------------------------------------------------------------
Increase in cash and cash -331 -456 -511 157
equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at end of 414 1,235 414 1,235
period
--------------------------------------------------------------------------------
Consolidated statement of changes in equity
------------
Equity attributable to owners of the parent Non-contr Total
olling equity
interests
--------------------------------------------------------------------
Share Share Statutory Other Retain Total
capita premiu capital reserv ed
l m reserve es earnin
gs
--------------------------------------------------------------
In
thousands
of euros
-------
Balance as 4,282 292 2,011 179 2,250 9,014 36 9,050
at 31
December
2014
--------------------------------------------------------------------------------
Profit 0 0 0 0 -61 -61 0 -61
distributi
on
--------------------------------------------------------------------------------
Change in 0 0 0 0 0 0 77 77
non-contro
lling
interest
--------------------------------------------------------------------------------
Total 0 0 0 0 892 892 -15 877
comprehens
ive income
for the
period
--------------------------------------------------------------------------------
Balance as 4,282 292 2,011 179 3,081 9,845 98 9,943
at 30
September
2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Balance as 4,282 292 2,011 298 2,656 9,539 91 9,630
at 31
December
2015
--------------------------------------------------------------------------------
Profit 0 0 0 0 -61 -61 0 -61
distributi
on
--------------------------------------------------------------------------------
Change in 0 0 0 0 0 0 -77 -77
non-contro
lling
interest
--------------------------------------------------------------------------------
Total 0 0 0 0 500 500 -5 495
comprehens
ive income
for the
period
--------------------------------------------------------------------------------
Balance as 4,282 292 2,011 298 3,095 9,978 9 9,987
at 30
September
2016
--------------------------------------------------------------------------------
Kontaktinfo:
Kristel Tumm
CFO
Arco Vara AS
Tel: +372 614 4662
[email protected]
www.arcorealestate.com