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
7277
Attachments
Submission date and time
09.05.2019 16:02:28
Content of announcement in Estonian
Title
2019. aasta I kvartali konsolideeritud auditeerimata vahearuanne
Message
PÕHILISED NÄITAJAD
Grupi 2019. aasta I kvartali müügitulu oli 1,1 miljonit eurot, mis on 28% vähem
kui 2018. aasta I kvartali jätkuvate tegevusvaldkondade müügitulu 1,5 miljonit
eurot. 2018. aasta I kvartali müügitulu koos lõpetatud teeninduse segmendiga oli
2,1 miljonit eurot.
2019. aasta I kvartali ärikasumiks (=EBIT) kujunes 5 tuhat eurot ja
puhaskahjumiks 112 tuhat eurot. 2018. aasta I kvartalis sai grupp ärikasumit
jätkuvatest tegevusvaldkondadest 91 tuhat eurot (63 tuhat kokkuvõttes) ja
puhaskahjumit 51 tuhat eurot.
2019. aasta I kvartalis müüdi grupi poolt arendatavates projektides 7 korterit.
2018. aasta I kvartalis müüdi 7 korterit ja 1 hoonestamata kinnistu.
Grupi laenukoormus (netolaenud) tõusis 2019. aasta I kvartalis 1,7 miljoni euro
võrra, tasemele 15,9 miljonit eurot 31.03.2019 seisuga. Grupi intressikandvate
kohustuste kaalutud keskmine intressimäär oli 31.03.2019 seisuga 4,8%, mis on
0,2% võrra madalam võrreldes 31.12.2018 seisuga.
JUHATAJA KOMMENTAARID
Esimene kvartal ei ületanud ootusi ning ei jäänud neile ka alla. Arco Vara
teenis elamisraha Madrid Blvd hoone rendi- ja haldustasudest ning endise
teenusdivisjoni ettevõtete poolt makstavatest litsentsitasudest, samuti mõnede
Madrid Blvd korterite müügist. Kvartali jooksul vähenes ka kulubaas seoses
Madrid Blvd hoone pangalaenu osalise tagasimaksega ja intressimäära alandamisega
panga poolt.
Grupi põhiline väljakutse on jätkuvalt juba valmis ehitatud ja suures osas
eelmüüdud Iztok Parkside projekti realiseerimine. Ilmselt oleme ainus Bulgaaria
arendaja, kes peab korterite müügi alustamiseks saama Bulgaaria valitsuse otsuse
kahe erinevale avalikule institutsioonile kuuluvate maatükkide, mille
kogupindala ei ületa paarisadat ruutmeetrit, võõrandamiseks kolmandale avalikule
institutsioonile, kes selle maa kasutusotstarvet ei muuda. Maatüki kasutus
tänavana on juba planeeringutega kehtestatud ning asfaldiga kinnitatud.
Juriidilise protsessi läbiviimiseks on kokku vaja üle 50 allkirja ja templi,
millest suur enamus on tänaseks olemas. Kahjuks on sellistes tingimustes kogu
ajakulu prognoosimine tänamatu tegevus, mille käigus ka juhatus on teinud
vigu.
Muud arendused kulgevad plaanipäraselt ning teise kvartali jooksul on oodata
kolme olulist otsust:
a. Kodulahe III etapi ehituse alustamine või ka mittealustamine sõltuvalt
ehitushinna ja oodatud müügitulu vahekorrast. Arco Vara tõstis hiljuti
Kodulahe II etapi allesjäänud korterite müügihindu;
b. Tartus, Oa tn Kodukalda projektis ehituse alustamine või mittealustamine,
lähtudes samadest kaalutlustest;
c. Botanica Lozen'i projektis esimese etapi ehitusloa saamine ning ehituse
alustamine, lähtudes samadest kaalutlustest.
Nii Tallinna kui Sofia eluasemeturgu iseloomustab teatav ülekuumenemine, mis
väljendub järsult tõusnud maa- ja ehitushindades. Kuigi pangad laenavad
kinnisvara ostmiseks endiselt, on näha langusemärke nii tehingute arvus kui ka
uute ehituste alustamisel. Ka tarbijad on hakanud ostuotsustega viivitama,
oodates hindade alanemist. Arvestades meie maapanga kvaliteeti, mida ei ole
mõtet raisata iga hinna eest arendamisele, ja väikeseks viidud üldkulusid, mis
võimaldavad istuda kannatlikult enne uute võimalustega alustamist, ei ole meil
tingimata vaja uute arenduste alustamisega kiirustada.
Seega esimese kvartali kokkuvõtteks ja teise kvartali ootuseks: Arco Vara ei
vaja juurde kapitali ega ideid ega töökäsi, vaid kannatust.
TEGEVUSTE ARUANNE
Grupi müügitulu oli 2019. aasta I kvartalis 1 051 tuhat eurot (I kvartal
2018: 2 147 tuhat eurot, sellest 1 456 tuhat eurot jätkuvatest
tegevusvaldkondadest), sealhulgas kinnisvara müük grupi enda arendusprojektides
moodustas I kvartalis 823 tuhat eurot (2018. aasta I kvartal: 1 310 tuhat
eurot).
Muust müügitulust moodustas suurema osa kaubandus- ja kontoripindade renditulu
Madrid Blvd hoonest Sofias, mis 2019. aasta I kvartalis oli 172 tuhat eurot
(2018. aasta I kvartalis 124 tuhat eurot). 2019. aasta I kvartalis olid kõik
kaubandus- ja kontoripinnad koos kaasnevate parkimiskohtadega välja renditud.
Grupi ärikasumiks kujunes 2019. aasta I kvartalis 5 tuhat eurot, 2018. aasta I
kvartalis 91 tuhat eurot.
2019. aasta I kvartalis jätkusid ehitustööd Kodulahe kvartali II etapis, kuhu
tuleb 68 korteriga ja 1 äripinnaga hoone. Projekt on plaanis realiseerida 2019.
aasta lõpuks. Vahearuande avaldamise päevaks on eelmüüdud 58 korterit.
Jätkus ka Kodulahe III-V etapi projekteerimine, mis peaks lõppema 2019. aasta
suvel. III etapi ehitust on soodsate turutingimuste korral plaanis alustada
2019. aasta sügisel ning IV-V etapi ühist ehitust 2020. aastal. Lõppmüügi faasi
jõuavad kortermajad umbes poolteist aastat pärast ehituse alustamist.
2019. aasta I kvartalis lõppesid projekteerimistööd Oa tänava kinnistutel
Tartus, kuhu on plaanis rajada 4 väiksemat kortermaja Kodukalda projektinime
all. Ehitus peaks plaanide kohaselt algama 2019. aasta suvel.
Ehitustööd Iztok Parkside projektis Sofias on lõppenud. Vahearuande avaldamise
päevaks on eelmüüdud 53 korterit. Projekt koosneb kolmest kortermajast kokku 67
korteriga (korterite müüdav pind 7 070 m2).
Madrid Blvd hoonest on aruande avaldamise kuupäevaks müüdud 10 2018. aastani
majutusteenust pakkunud 15-st korterist.
Käesoleva aruande avaldamise kuupäevaks on sisuliselt lõppenud Botanica Lozeni
projekti projekteerimistööd Bulgaarias Sofia lähedal. Projekti raames on plaanis
rajada 179 kodu (korterid ja eramud), kaubanduspinnad ja lasteaed. Ehitus võiks
soodsate turutingimuste jätkudes alata 2019. aasta teises pooles, tõenäoliselt
jaotatuna väiksemateks etappideks. Arvestades maastiku eripära - paiknemist
mäenõlval - on oodatavaks ehitusajaks vähemalt 2 aastat.
Lätis oli 31.03.2019 ja vahearuande avaldamise kuupäeva seisuga müümata veel 4
Marsili elamukrunti.
KONSOLIDEERITUD KOONDKASUMIARUANNE
--------------------------------------------------------------------------
EUR tuhandetes 3 kuud 2019 3 kuud 2018
--------------------------------------------------------------------------
Jätkuvad tegevusvaldkonnad
Müügitulu enda kinnisvara müügist 823 1 310
Müügitulu teenuste müügist 228 146
Müügitulu kokku 1 051 1 456
Müüdud kinnisvara ja teenuste kulu -815 -1 016
Brutokasum 236 440
Muud äritulud 91 5
Turustuskulud -85 -43
Üldhalduskulud -233 -316
Muud ärikulud -4 -10
Kasum tütarettevõtte müügist 0 15
Ärikasum 5 91
Finantstulud- ja kulud -117 -114
Kahjum enne tulumaksu -112 -23
Puhaskahjum jätkuvatest tegevusvaldkondadest -112 -23
Puhaskahjum mittejätkuvatest tegevusvaldkondadest 0 -28
Aruandeperioodi puhaskasum -112 -51
Aruandeperioodi koondkasum -112 -51
--------------------------------------------------------------------------
--------------------------------------------------------------------------
- tava -0,01 0,00
- lahustatud -0,01 0,00
--------------------------------------------------------------------------
- tava -0,01 -0,01
- lahustatud -0,01 -0,01
--------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
-----------------------------------------------------------
EUR tuhandetes 31.03.2019 31.12.2018
-----------------------------------------------------------
Raha ja raha ekvivalendid 1 644 2 327
Finantsinvesteeringud 0 69
Nõuded ja ettemaksed 608 739
Varud 19 145 17 482
Käibevara kokku 21 397 20 617
Nõuded ja ettemaksed 20 25
Kinnisvarainvesteeringud 11 721 12 344
Materiaalne põhivara 287 267
Immateriaalne põhivara 256 262
Põhivara kokku 12 284 12 898
VARAD KOKKU 33 681 33 515
Laenukohustused 12 792 12 547
Võlad ja saadud ettemaksed 4 092 3 982
Lühiajalised kohustused kokku 16 884 16 529
Laenukohustused 3 908 3 985
Pikaajalised kohustused kokku 3 908 3 985
KOHUSTUSED KOKKU 20 792 20 514
Aktsiakapital 6 299 6 299
Ülekurss 2 285 2 285
Kohustuslik reservkapital 2 011 2 011
Muud reservid 245 245
Jaotamata kasum 2 049 2 161
OMAKAPITAL KOKKU 12 889 13 001
KOHUSTUSED JA OMAKAPITAL KOKKU 33 681 33 515
-----------------------------------------------------------
Kristel Tumm
Finantsjuht
Arco Vara AS
Tel: +372 614 4662
www.arcovara.com
Content of announcement in English
Title
Unaudited consolidated interim report for Q1 2019
Message
KEY PERFORMANCE INDICATORS
In Q1 2019, the group's revenue was 1.1 million euros, which is 28% less than
the revenue of 1.5 million euros from continuing operations in Q1 2018. In Q1
2018, revenue together with the discontinued service segment was 2.1 million
euros.
In Q1 2019, the group's operating profit (=EBIT) was 5 thousand euros and net
loss 112 thousand euros. In Q1 2018, the group had operating profit of 91
thousand euros from continuing operations (63 thousands in overall) and net loss
of 51 thousand euros.
In Q1 2019, 7 apartments were sold in projects developed by the group (in Q1
2018: 7 apartments and 1 land plot).
In the Q1 of 2019, the group's debt burden (net loans) increased by 1.7 million
euros up to the level of 15.9 million euros as of 31 March 2019. As of 31 March
2019, the weighted average annual interest rate of interest-bearing liabilities
was 4.8%. This is a decrease of 0.2 percentage points compared to 31 December
2018.
GROUP CEO'S REVIEW
Q1 neither overperformed nor underperformed the expectations. Arco Vara earned
its living from rental and facility management fees of Madrid Blvd building,
from license fees of its former service division, and from the sale of some of
its apartments in Madrid Blvd building. During the quarter, the group's cost
base decreased after the partial repayment of the bank loan related to Madrid
Blvd building, and the subsequent decrease of loan interest rate and interest
cost.
The main challenge of the group continues to be the realization of Iztok
Parkside project, which is fully constructed and largely presold. The group must
be the only developer in Bulgaria who needs an approval from Government of
Bulgaria to transfer some land plots of few hundred square meters that are owned
by two public institutions to a third public institution, which does not change
the land's purpose. The use of the land plots has already been established by
planning documents and eternalized with an asphalt layer. In order to go through
the legal process, more than 50 signatures and stamps are needed, the majority
of which have been obtained by today. Unfortunately, forecasting the time needed
for completing such process is extremely difficult and the management has
previously made mistakes in its time estimates.
Other developments have progressed as planned and three important decisions must
be made during Q2:
a. Starting or not starting Stage III of Kodulahe project, depending on the
construction price versus forecasted sales revenue. Recently, Arco Vara has
raised the prices of the remaining apartments in Stage 2 of Kodulahe
project.
b. Starting or not starting Kodukalda project on Oa street in Tartu, depending
on the same considerations.
c. Receiving the construction permit and starting or not starting Botanica
Lozen project, depending on the same considerations.
Residential markets in both Tallinn and Sofia are characterised by certain
overheating, as demonstrated by rapid increases of land prices and construction
costs. Although banks continue to lend for real estate purchases, there are
signs of slowdown both in terms of the number of transactions and the number of
new constructions started. Also the consumers are delaying purchase decisions,
expecting the prices to fall. Considering the quality of our land reserves,
which do not have to be developed at any cost, and minimised overhead, which
allow us to remain patient before commencing any new projects, we are in no
hurry to start new development projects.
Thus, as a summary of Q1 and outlook for Q2: Arco Vara needs patience rather
than new capital or ideas or workforce.
OPERATING REPORT
The revenue of the group totalled 1,051 thousand euros in Q1 2019 (in Q1
2018: 2,147 thousand euros, of which 1,456 thousand euros from continuing
operations), including revenue from the sale of properties in the group's own
development projects in the amount of 823 thousand euros in Q1 2019 (in Q1
2018: 1,310 thousand euros).
Most of the other revenue of the group consisted of rental income from
commercial and office premises in Madrid Blvd building in Sofia, amounting to
172 thousand euros in Q1 2019 (in Q1 2018: 124 thousand euros). In Q1 2019, all
office and commercial spaces together with parking places were rented out.
In Q1 2019, the group had an operating profit of 5 thousand euros. In Q1 2018,
the group had an operating profit of 91 thousand euros.
In Q1 2019, construction works continued for Stage II of Kodulahe project, a
building with 68 apartments and 1 commercial space. The project is expected to
be finalized by the end of 2019. By the publishing date of the interim report,
58 apartments have been presold.
Design works for Stages III-V continued in Q2, scheduled to end in the summer of
2019. Under favourable market conditions, the construction of Stage III is
scheduled to start in the autumn of 2019 and the joint construction of Stages
IV-V in 2000. The apartment buildings will become ready for final sale in about
1,5 after the construction begins.
In Q1, design works of Oa street plots in Tartu were completed. The plan
foresees construction of 4 smaller apartment buildings under Kodukalda project
name. The construction is scheduled to start in the summer of 2019.
In Iztok Parkside project in Sofia, construction has been completed. By the
publishing date of the interim report, presale agreements for 53 apartments have
been concluded. Iztok project consists of three apartment buildings with 67
apartments (7,070 square meters of apartments' sellable area).
In Madrid Blvd building, out of the 15 apartments previously used for offering
accommodation service, 10 have been sold as of the date of this report.
By the date of this report, design works of Botanica Lozen project near Sofia in
Bulgaria have been essentially completed. The project foresees construction of
179 homes (apartments and houses), commercial spaces and a kindergarten. Under
favourable market conditions, construction may start in the second half of
2019, possibly divided into smaller sub-stages. Considering the nature of
terrain on a mountain slope, minimum construction period is 2 years.
As of 31 March 2019 and the date of this report, 4 Marsili residential plots
remained unsold in Latvia.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
-------------------------------------------------------------------------------
In thousands of euros 3m 2019 3m 2018
-------------------------------------------------------------------------------
Continuing operations
Revenue from sale of own real estate 823 1,310
Revenue from rendering of services 228 146
Total revenue 1,051 1,456
Cost of sales -815 -1,016
Gross profit 236 440
Other income 91 5
Marketing and distribution expenses -85 -43
Administrative expenses -233 -316
Other expenses -4 -10
Gain on sale of subsidiaries 0 15
Operating profit/loss 5 91
Finance income and costs -117 -114
Profit before tax -112 -23
Net profit/loss from continuing operatsions -112 -23
Net profit/loss from discontinued operations 0 -28
Net profit/loss for the period -112 -51
Total comprehensive income/expense for the period -112 -51
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Earnings per share from continuing operations (in euros)
- basic -0.01 0.00
- diluted -0.01 0.00
-------------------------------------------------------------------------------
Earnings per share (in euros)
- basic -0.01 -0.01
- diluted -0.01 -0.01
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
-------------------------------------------------------------------
In thousands of euros 31 March 2019 31 December 2018
-------------------------------------------------------------------
Cash and cash equivalents 1,644 2,327
Investments 0 69
Receivables and prepayments 608 739
Inventories 19,145 17,482
Total current assets 21,397 20,617
Receivables and prepayments 20 25
Investment property 11,721 12,344
Property, plant and equipment 287 267
Intangible assets 256 262
Total non-current assets 12,284 12,898
TOTAL ASSETS 33,681 33,515
Loans and borrowings 12,792 12,547
Payables and deferred income 4,092 3,982
Total current liabilities 16,884 16,529
Loans and borrowings 3,908 3,985
Total non-current liabilities 3,908 3,985
TOTAL LIABILITIES 20,792 20,514
Share capital 6,299 6,299
Share premium 2,285 2,285
Statutory capital reserve 2,011 2,011
Other reserves 245 245
Retained earnings 2,049 2,161
TOTAL EQUITY 12,889 13,001
TOTAL LIABILITIES AND EQUITY 33,681 33,515
-------------------------------------------------------------------
Kristel Tumm
CFO
Arco Vara AS
Phone: +372 614 4662
www.arcovara.com